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Bombardier Inc. tumbled the most in more than three years as a weakened cash-flow forecast sowed doubts about Chief Executive Officer Alain Bellemare’s progress in turning around the debt-laden maker of trains and aircraft.

The company will only be able to attain its target of breaking even on a cash-flow basis this year by including the proceeds from a US$635 million land sale in Toronto. The previous forecast excluded those funds. Bellemare cited capital needs at the company’s rail business for spoiling the cash-flow goal, which includes leeway of plus or minus US$150 million.

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“Investors won’t like the big chop to cash-flow guide, which raises questions regarding management credibility and ability to complete a successful turnaround,” Cai von Rumohr, an analyst at Cowen & Co., said Thursday in a note to clients.