As of May 23, 2024, Boeing (NYSE: BA) has experienced a tumultuous year in the stock market.
Boeing remains one of the worst-performing stocks in the S&P 500 this year. Despite a recent surge in its share price, rising to $186.28, up $17.10 (10.11%) over the past month and $9.16 (5.17%) in the past five days, the stock is down a staggering -$65.48 (-26.01%) year-to-date underscoring the challenges facing the company.
From supply chain disruptions to regulatory hurdles, Boeing’s path to recovery appears fraught with obstacles.
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In recent weeks, Boeing’s deliveries of new planes to China have faced delays due to the country’s aviation authorities reviewing the batteries that power cockpit voice recorders. This development has introduced additional uncertainty regarding Boeing’s ability to meet its delivery schedules
BA stock chart analysis
Boeing’s stock has been trading within a wide range over the last month, fluctuating between $159.70 and $188.63. It is currently near the high end of this range, which might suggest a potential ceiling for further short-term gains.
The stock’s position in the lower part of its 52-week range does not bode well, indicating persistent bearish sentiment among investors.
Boeing’s shares have established a support zone between $178.12 and $182.15, and a resistance zone ranging from $186.29 to $186.62. The stock’s ability to break through the resistance could signal a reversal of its downward trend, while a fall below the support level might indicate further declines.
Boeing quarterly earnings
In its most recent quarterly earnings report on April 24, Boeing reported an EPS of -$1.13, surpassing the consensus estimate of -$1.43 by $0.30.
Despite this earnings beat, the company’s revenue of $16.57 billion fell short of the anticipated $17.69 billion. Analysts expect Boeing to post an EPS of -$0.6 for the current year, highlighting ongoing challenges.
Analyst ratings and Boeing price targets
Several research analysts have recently weighed in on Boeing’s stock. On February 1, Wells Fargo & Company revised their target price downwards from $225.00 to $215.00, assigning an “equal weight” rating to the stock.
On May 15, Susquehanna reaffirmed a “positive” rating and set a $230.00 price target, indicating a more optimistic outlook. Royal Bank of Canada, on April 16, also lowered its price target from $225.00 to $215.00 but maintained an “outperform” rating.
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