What's Going On With Boeing Stock Tuesday?
Portfolio Pulse from Adam Eckert
Boeing Co (NYSE:BA) stock is trading lower due to additional quality inspections required for its 737 MAX jets after a cabin panel incident on an Alaska Airlines flight. Boeing plans to oversee work at Spirit AeroSystems and conduct checks at 50 other points. The FAA extended grounding orders for Boeing Max 9s, and United and Alaska Airlines canceled flights. Additionally, Wells Fargo downgraded Boeing from Overweight to Equal-Weight and lowered the price target from $280 to $225.
January 16, 2024 | 2:15 pm
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NEGATIVE IMPACT
Boeing faces pressure from additional 737 MAX inspections, FAA grounding extension, and a Wells Fargo downgrade with a lower price target.
The combination of increased regulatory scrutiny, operational disruptions, and a notable analyst downgrade with a reduced price target is likely to negatively impact investor sentiment and Boeing's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100