Boeing (NYSE: BA) stock has been trading mostly flat throughout 2023. The stock started to move higher in July following its Q2 report, where it beat expectations.
Regardless of what happened this year, Wall Street analysts believe that Boeing stock can make new highs in the next 12 months.
The average analyst target price sees a 14% gain
Analysts are still positive about the Boeing stock, with the consensus at TipRanks being a ‘moderate buy’ based on 15 analysts in the last three months. Their average price target is $260.50, which is 14.63% above the current price of $227.25.
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Six analyst ratings were maintained or reiterated on August 29, which comes after the reports that China deliveries of 737 Max will resume for the first time in four years after the country grounded all Boeing 737 Max planes four years ago following two deadly crashes of the 747 Max model in Indonesia and Ethiopia.
On the negative side, Boeing disclosed a quality problem with one of its suppliers, Spirit AeroSystems, where some holes were drilled in the aft bulkheads of some versions of 737 Max jets that didn’t match specifications. This wasn’t enough to change analysts’ buy recommendations.
Boeing also reported its Q2 earnings in July with revenue continuing to grow in commercial jets, up 41% since June 2022. It has also ramped up production rates for 737s and 787s, anticipating five per month at the end of this year.
Boeing stock technical analysis
Boeing’s stock price has been trading in a range between $200 and $215 from the beginning of the year until July.
The new price range moved between $215 and $230 after the July breakout. For a few weeks, the price traded even higher before returning under the resistance level of $230.
Boeing’s current price range between $215 and $230 still holds, meaning $215 could be a good entry point if you’re long-term bullish on the stock.
Year-to-date, both the Boeing stock and the S&P 500 have had similar performance, returning 16% to investors.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
