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8 Emerging-Market Stocks to Watch

Stocks in this article: GOL LDK VALE

7. Embraer (ERJ - Get Report) manufactures commercial aircraft and supplies military aircraft to Europe, Asia and Latin America. It has a line of executive jets based on one of its regional jet platforms.

First-quarter deliveries included 20 commercial jets and eight business jets. As of March 31, Embraer's order backlog stood at $16 billion, indicating an increase of $400 million from Dec. 31.

For the second quarter, Embraer has received orders from China's CBD Leasing and Hebei Airlines. In addition, China Southern Airlines (ZNH) has ordered 20 E190 aircraft from Embraer. In 2011, Boeing (BA) and Airbus have lost 55 and 68 orders, respectively, benefiting Embraer.

The commercial aviation market is expected to continue to recover in 2011. For this year, Embraer estimates it will deliver 102 commercial jets, 100 light jets and 18 large jets, while net sales are seen reaching $5.6 billion. Furthermore, earnings before interest, taxes, depreciation and amortization (EBITDA) are expected to come in at $615 million. For full-year 2011, investments are pegged at $500 million.

Of the 11 analysts covering the stock, 45% rate it a buy while 45% rate it a hold. Analysts polled by Bloomberg have a consensus price target of $37.10 for the next 12 months, implying upside of 16.9%.

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