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Analysts bullish on Boeing stock; Forecasting 30% upside for BE

Analysts bullish on Boeing stock; Forecasting 30% upside for BE

After soaring to nearly $240 per share, Boeing‘s (NYSE: BA) stock has taken a sharp nosedive, plummeting to its lowest level since December 2022, according to data retrieved by Finbold on October 5.

Despite the magnitude of this decline, Wall Street analysts continue to express confidence in the aerospace and jetmaking giant’s long-term prospects, with their price targets suggesting significant upside for the stock.

Boeing stock saw just 3 green days in September

First of all, let’s take a look at what has been going wrong at the world’s second-biggest plane maker.

Boeing’s shares plummeted more than 16% over the past month, broadly underperforming the S&P 500 index, which lost around 5% during the same period.

BE 1-month price chart. Source: Finbold

Over that 30-day run, BA wiped around $23 billion from its market cap, TradingView data shows. The stock recorded just three green out of 21 trading days in September.

But interestingly, there was no bad development in Boeing’s business that caused the decline. In fact, the jet manufacturer released some positive news.

Notably, Boeing took in some orders from a Vietnamese airline last month, and said it expected demand in China to rise faster than anticipated. 

On the other hand, the broader market has been under pressure. For instance, US-listed shares of Boeing’s biggest rival, Airbus, plummeted nearly 10% over the past month, although the company did face headwinds after reporting issues related to its turbofan engine that powers some A320 planes. 

Analysts’ views

JPMorgan analyst Seth Seifman emphasized in a note on October 1, that he was not surprised that Boeing’s stock fell, though “the magnitude and consistency” of the drop “is striking.”

However, the dip does not come as a total surprise given “headwinds to Q3 earnings and cash flow, the slow pace of 737 deliveries, and expected pressure on 2024 free cash flow expectations,” he added. 

Despite the turmoil, Seifman and JPMorgan said their multiyear outlook for BE shares remains “unchanged, and therefore, we view the stock as more attractive at about $190.”

The Wall Street giant still rates Boeing’s stock as ‘Buy,’ with a price target of $245 per share. That is 30% higher than its current price of $186.73. 

That is similar to the average 12-month price target of $251.27 per share given by 16 Wall Street analysts in the last 3 months, according to TipRanks. Out of those, the highest forecast on the stock is $310, while the lowest one is $204 per share.

Wall Street analysts’ rating and price target for BE stock. Source: TipRanks

Additionally, BE is rated as a ‘Moderate Buy,’ on the stock market research platform, based on 10 ‘Buy’ recommendations, while 6 advised a ‘Hold.’

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