BA - Is Boeing Stock Going to $240? 1 Wall Street Analyst Thinks So.
2024-06-03 15:25:00 ET
Despite the company's difficulties, Boeing 's (NYSE: BA) stock still has some admirers on Wall Street. While a Baird analyst lowered the price target on the stock to $240 from $300 recently, he also reiterated an outperform rating on it. It's also worth noting that the $240 price target, although reduced, implies a 35% upside to where the stock is trading now.
The price target's lowering makes sense in light of Boeing's recent announcements. Instead of generating free cash flow in the "low single-digit billions" in 2024, management now expects an outflow as it continues to fall behind on its delivery schedules.
That said, the bad news in the first half won't necessarily repeat in the future, and Boeing still has a multiyear backlog to deliver on. This could be the fearful time that investors might start to be greedy in. Throw in the prospect of a new CEO taking a fresh approach to the company at the end of the year, and Boeing's stock could climb a wall of worry.
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Is Boeing Stock Going to $240? 1 Wall Street Analyst Thinks So.