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Boeing upgraded to buy, target price trimmed to $209 from $219 at Citi

Boeing (BA) was upgraded to buy from neutral by analysts at Citigroup on the view that the aerospace giant can resolve its medium-term risks. Boeing's price target was trimmed to $209 from $219 a share. "If the 737MAX, 777X (both of reasonable concern to us) and the 787 (of less concern) programs achieve our forecast levels of production and profitability, we estimate fair value to be $209/sh (our new target price), implying 70% upside," said a team of analysts led by Charles Armitage. "If the 737MAX and 777X only achieve our downside case, we estimate value to be $116/sh, marginally below the current share price. And, if all three programs go badly, we see value at about $84/sh, 30% below the current price," said the Citi analysts. They added that given risks to 737MAX, 777X and 787, French rival Airbus is "materially lower risk and is our preferred global aerospace pick."

-Barbara Kollmeyer


(END) Dow Jones Newswires

06-16-22 0455ET

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