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Canadian train and aircraft maker Bombardier Inc is facing increasingly stronger headwinds as Goldman Sachs trimmed its price target on the company only a few days after its new CSeries jets first buyer backed out as a formal launch operator and sought changes to its delivery schedule.

Goldman Sachs warned that Bombardiers biggest-ever model will likely face further delays before entering into service. An engine failure during a ground trial on May 29th has kept the plane grounded ever since, causing significant delays in Bombardiers test flight schedule.

Goldman Sachs analyst Noah Poponak said in a note, cited by Reuters: “We believe the CSeries will negatively impact Bombardiers financial results and create negative catalysts for the next several years.” He trimmed the Montreal-based companys price target to CAD 3 from CAD 3.20 and reiterated the stocks “sell” rating.

Bombardier kept its most recent forecast and has repeatedly said testing will resume in the coming weeks. The plane maker allotted two years for testing after its initial test flight in September 13. Marc Duchesne, a spokesman for Bombardier, said last week that the company expects the CS100, the smallest plane of the series, to enter into service in the second half of 2015, while the bigger CS300 should make its debut six months later.

However, Goldmans Poponak does not see that deadline as realistic any more. He said the airplane has completed only 330 hours of testing, or only 15% of the total of 2 400 hours planned, while using almost half of the time. This would mean that Bombardier will need to conduct 160 test flight hours per month through the end of the testing period for the commercial debut to be in time, which Poponak sees as highly unlikely.

On Friday, Swedish company Braathens Aviation AB said it would step back as a formal launch operator of the CSeries and said it may seek other changes to delivery dates. The move was unexpected as launch operators, or those airlines who are the first to purchase and operate a new jetliner, rarely abandon their commitments.

“We have informed Bombardier that we will not assume the role of formal launch operator,” Braathens said on Friday. “Due to increased uncertainty we are discussing other possible changes to the aircraft delivery schedule with Bombardier,” and added that the company is also dealing with challenging market conditions.

The yet another drawback will further impede Bombardiers plans to achieve its goal of $8 billion in annual revenue from the CSeries jets through 2020. The deal with Braathens included the purchase of 10 aircraft, amounting to $665 million, with the option to order another 10 that would raise the agreements value to $1.37 billion.

According to Bombardiers Duchesne, the Swedish company has changed its business plan and it was not unusual for an airline to ask a manufacturer for a change in delivery dates. He reassured the company will begin deliveries next year as scheduled.

Meanwhile, Deutsche Lufthansa AG, which will buy CSeries jets for its Swiss International Air Lines unit, has said it never intended to be the launch operator and had timed the purchase with the retirement of old aircraft. The airline said that delays in the CSeries could force the extension of life of its Avro RJ100 regional jets, which are currently in service, but some of the costs should be covered by Bombardier.

Bombardier Inc fell by 0.82% to C$3.63 per share by 13:47 GMT in Toronto, marking a one-year change of -24.22%. The company is valued at 6.46 billion Canadian dollars.

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