The document provides an equity research note on Bombardier Inc. that includes the following: - Bombardier reported stronger than expected Q4 results but provided a weaker outlook for its aerospace business. - While transportation results were strong in Q4, single-digit revenue growth is expected for that segment in 2010. - The analyst maintains a Buy rating but lowers the target price to $4.00 from $5.00 based on the weaker outlook and lower multiples.