Boeing Co's Stock in Purgatory as Bernstein Analyst Lowers Price Target

Bernstein's Douglas Harned lowered their price target on Boeing Co (NYSE: BA) by 11.8% from $272 to $240 on 2024/04/08. The analyst maintained their Buy rating on the stock.

Harned's move followed cuts to their delivery and free cash flow estimates. According to the analyst, Boeing's stock is currently in purgatory, awaiting the appointment of a new CEO, the recovery of 737MAX deliveries, and the regaining of market share stability after the unfortunate incident involving Alaska Flight 1282 in January 2024.

Despite the challenges facing the company, Harned's rating aligns with the sentiment of the majority of top-rated analysts. Currently, 69.2% of these analysts rate BA as a Strong Buy or Buy, while 30.8% consider it a Hold. Interestingly, no analysts recommend or strongly recommend selling the stock.

Boeing's stock performance has seen a decline since its last quarterly report on December 31, 2023. The stock price is down 29.7% during this period, and it has experienced a year-over-year decrease of 12.8%. In comparison, the S&P 500 index has also faced a downturn, down 27.2%.

Douglas Harned, an analyst at Bernstein, holds a ranking in the bottom 15% out of 4,535 Wall Street analysts, according to WallStreetZen. With an average return of -3% and a win rate of 37.5%, Harned specializes in the Industrials sector.

Boeing Co, founded in 1916 and headquartered in Chicago, IL, is a major player in the aerospace manufacturing industry. The company is involved in the design and production of airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles. Additionally, Boeing provides leasing and product support services, solidifying its position as one of the largest global aerospace manufacturers.

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