Wells Fargo & Company Lowers Boeing (NYSE:BA) Price Target to $110.00

Boeing (NYSE:BA) had its price objective reduced by equities researchers at Wells Fargo & Company from $119.00 to $110.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has an “underweight” rating on the aircraft producer’s stock. Wells Fargo & Company‘s price target suggests a potential downside of 28.05% from the company’s previous close.

Several other research analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $225.00 target price on shares of Boeing in a research note on Tuesday, June 25th. Stifel Nicolaus increased their price objective on shares of Boeing from $230.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Robert W. Baird dropped their target price on shares of Boeing from $300.00 to $240.00 and set an “outperform” rating on the stock in a research report on Monday, June 3rd. Baird R W upgraded shares of Boeing to a “strong-buy” rating in a research report on Monday, June 3rd. Finally, Sanford C. Bernstein lowered their price objective on Boeing from $222.00 to $207.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Boeing presently has an average rating of “Moderate Buy” and an average price target of $207.67.

Boeing Stock Performance

Shares of NYSE BA opened at $152.89 on Tuesday. The company has a market capitalization of $93.86 billion, a PE ratio of -43.07 and a beta of 1.57. The company’s fifty day moving average price is $166.80 and its 200 day moving average price is $175.54. Boeing has a 1 year low of $149.49 and a 1 year high of $267.54.

Boeing (NYSE:BA) last posted its earnings results on Wednesday, July 31st. The aircraft producer reported ($2.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.00) by ($1.90). The firm had revenue of $16.87 billion for the quarter, compared to analyst estimates of $17.35 billion. During the same quarter in the prior year, the firm posted ($0.82) earnings per share. The firm’s quarterly revenue was down 14.6% on a year-over-year basis. On average, equities analysts expect that Boeing will post -4.27 EPS for the current year.

Hedge Funds Weigh In On Boeing

Institutional investors and hedge funds have recently bought and sold shares of the company. KBC Group NV lifted its stake in shares of Boeing by 8.2% in the 4th quarter. KBC Group NV now owns 39,196 shares of the aircraft producer’s stock valued at $10,217,000 after purchasing an additional 2,977 shares during the last quarter. Jones Financial Companies Lllp lifted its position in Boeing by 8.0% in the fourth quarter. Jones Financial Companies Lllp now owns 3,162 shares of the aircraft producer’s stock valued at $824,000 after buying an additional 235 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Boeing by 1.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 467,769 shares of the aircraft producer’s stock worth $121,929,000 after buying an additional 5,820 shares during the period. CWA Asset Management Group LLC increased its position in shares of Boeing by 14.0% during the fourth quarter. CWA Asset Management Group LLC now owns 1,876 shares of the aircraft producer’s stock valued at $489,000 after acquiring an additional 231 shares during the last quarter. Finally, Belpointe Asset Management LLC increased its position in shares of Boeing by 28.3% during the fourth quarter. Belpointe Asset Management LLC now owns 6,728 shares of the aircraft producer’s stock valued at $1,754,000 after acquiring an additional 1,486 shares during the last quarter. 64.82% of the stock is currently owned by institutional investors and hedge funds.

About Boeing

The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide. The company operates through Commercial Airplanes; Defense, Space & Security; and Global Services segments.