Don’t hold your breath for a swift recovery in shares of Boeing Co (NYSE: BA) that have lost more than 15% in under two months, says a CFRA Research analyst.Boeing stock received a downgrade on Friday
Stewart Glickman downgraded the aerospace giant this morning to “hold” and lowered his price target to $210 that suggests about a 5.0% upside only.
He remains constructive on Boeing stock for the long term but recommends moving to the sidelines in the short term because of:
A litany of quality control issues across the aerospace industry. Should such issues persist, we think BA’s delivery schedule may suffer to some degree.
Boeing is expected to report its Q3 results about a month from now. Consensus is for it to lose $1.62 a share this quarter versus $6.18 per share a year ago.Boeing is still struggling with manufacturing issues
On Friday, the CFRA analyst lowered his earnings forecast as well. He now expects the multinational to earn $5.39 on a per-share basis in 2024 versus his previous call for $6.02 a share.
Boeing is committed to ramping up deliveries of its 737 aircraft to 50 planes per month by 2025 to 2026 – a guidance that Stewart Glickman finds “optimistic”.
His call on Boeing stock arrives more than a month after the New York listed firm partnered with Archer Aviation on air taxis (find out more).
The post Boeing stock lacks a meaningful upside from here: CFRA Research appeared first on Invezz.