Boeing (NYSE:BA) Given Buy Rating at Bank of America

Boeing (NYSE:BA)‘s stock had its “buy” rating reiterated by Bank of America in a report released on Friday, Benzinga reports. They presently have a $270.00 target price on the aircraft producer’s stock. Bank of America‘s price objective indicates a potential upside of 36.18% from the company’s previous close.

Other equities analysts also recently issued reports about the company. BNP Paribas Exane upgraded Boeing from an “underperform” rating to an “outperform” rating and increased their target price for the stock from $230.00 to $300.00 in a research report on Monday, August 3rd. JPMorgan Chase & Co. upped their price objective on shares of Boeing from $270.00 to $290.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Citigroup lowered shares of Boeing from a “buy” rating to a “sell” rating in a report on Tuesday, August 11th. UBS Group began coverage on shares of Boeing in a research report on Tuesday, August 11th. They issued a “buy” rating on the stock. Finally, Cantor Fitzgerald downgraded shares of Boeing to a “neutral” rating in a report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $272.45.

Boeing Trading Up 0.6%

Shares of BA traded up $1.26 on Friday, hitting $198.26. 4,701,547 shares of the stock traded hands, compared to its average volume of 6,604,665. The company has a quick ratio of 0.33, a current ratio of 1.14 and a debt-to-equity ratio of 6.77. The firm has a market capitalization of $156.70 billion, a P/E ratio of 85.72 and a beta of 1.21. The stock’s 50 day moving average is $216.60 and its two-hundred day moving average is $218.41. Boeing has a 1 year low of $176.77 and a 1 year high of $254.35.

Boeing (NYSE:BA) last issued its quarterly earnings results on Tuesday, July 28th. The aircraft producer reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.42). Boeing had a net margin of 2.41% and a negative return on equity of 346.82%. The business had revenue of $24.56 billion during the quarter, compared to analyst estimates of $24.26 billion. During the same quarter last year, the firm posted ($1.24) earnings per share. The company’s revenue was up 8.0% on a year-over-year basis. As a group, sell-side analysts predict that Boeing will post -0.91 earnings per share for the current year.

Hedge Funds Weigh In On Boeing

Hedge funds and other institutional investors have recently modified their holdings of the company. Highland Investment Advisors LLC purchased a new position in shares of Boeing in the 2nd quarter valued at $26,000. 1 North Wealth Services LLC acquired a new stake in Boeing in the 4th quarter valued at $27,000. Wealth Preservation Advisors LLC increased its holdings in Boeing by 66.7% in the 4th quarter. Wealth Preservation Advisors LLC now owns 125 shares of the aircraft producer’s stock valued at $27,000 after purchasing an additional 50 shares in the last quarter. Strategic Wealth Advisors LLC purchased a new position in Boeing in the second quarter valued at about $27,000. Finally, Bayban purchased a new position in Boeing in the fourth quarter valued at about $29,000. 64.82% of the stock is owned by institutional investors and hedge funds.

Key Boeing News

Here are the key news stories impacting Boeing this week:

• Positive Sentiment: Boeing secured a record Korean Air order for 103 aircraft, reinforcing its commercial backlog and supporting longer-term revenue visibility. Korean Air finalizes record Boeing order for 103 jets
• Positive Sentiment: The FAA authorized Boeing to sell 35 additional 777F freighters after 2028, extending the 777 program’s commercial runway while the replacement 777-8F is not expected until around 2029. FAA waives emissions rules to let Boeing sell 35 additional 777F freighters
• Positive Sentiment: Bank of America said the selloff may be excessive, arguing Boeing’s turnaround will be uneven. Other coverage highlights potential upside from rising production, defense contracts, backlog conversion and improving cash generation, with analyst targets well above the current level. Boeing selloff overdone despite CEO’s production comments
• Neutral Sentiment: GE Aerospace offered a reassuring outlook regarding the engine fix for the 777X, but the aircraft still faces certification and timing uncertainties. GE Aerospace delivers crucial news for Boeing 777X investors
• Negative Sentiment: Ortberg’s comments on 737 MAX production delays are the primary catalyst for the decline. Slower output could defer deliveries, increase costs and delay cash-flow improvement; the 787 ramp and 777X certification are also facing headwinds. Boeing CEO says it is taking longer to stabilize 737 MAX output
• Negative Sentiment: Management tempered expectations for a major China order, saying Boeing did not receive the widely anticipated order for 200 aircraft. That removes a potential near-term catalyst. Boeing CEO tempers China order hopes

About Boeing

The Boeing Company is a global aerospace company that designs, manufactures and services commercial airplanes, military aircraft, satellites, space systems and other aerospace products. Its principal business areas include commercial airplanes, defense and security, and aftermarket services that support aircraft operations throughout their life cycles.

Boeing’s commercial portfolio includes the 737, 767, 777 and 787 families of jetliners, while its defense and space operations provide products and services for the U.S.