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Wall Street sets Boeing stock price for next 12 months

Wall Street sets Boeing stock price for next 12 months
Elmaz Sabovic

Boeing (NYSE: BA) has faced a relentless stream of setbacks, causing its stock to plummet by nearly 30% since the start of 2024.

Investors are left pondering whether this aircraft manufacturer can turn the tide, or if BA stock is on a path towards further decline.

Boeing’s troubles began with the grounding of the 737 MAX jets due to two fatal crashes in 2018 and 2019, leading to intense scrutiny of the company’s manufacturing processes. 

The most recent controversy being the passing of John Barnett, a Boeing whistleblower, has garnered significant attention, shedding light on alleged substandard practices at the company’s assembly lines.

BA stock price chart

Following the market opening in March, BA stock was priced at $178.02, reflecting a loss of 2.50% since the previous close. Over the past five trading sessions, these losses have accumulated to -5.59%. 

Furthermore, there has been a pullback of -12.58% in the last month alone, resulting in overall losses of -29.39% since the beginning of 2024.

BA stock YTD price chart. Source: Finbold
BA stock YTD price chart. Source: Finbold

Wall Street BA stock forecast 

Despite ongoing challenges, analysts maintain a bullish outlook on BA stock. Experts from TradingView have bestowed a ‘buy’ rating on BA shares after conducting 32 evaluations.

Among these, 19 experts recommend a ‘strong buy,’ three suggest ‘buy,’ nine advise ‘hold,’ and only one proposes ‘sell.’

The average price target for BA stock stands at $261.23, suggesting a potential upside of 46.93% from the current level.

Analysts' price target for BA stock. Source: TradingView
Analysts’ price target for BA stock. Source: TradingView

Recent optimism surrounding BA stock was bolstered by Noah Poponak from Goldman Sachs, who on March 13 reiterated a ‘buy’ recommendation for the stock while maintaining an unchanged target price of $268.

Could government backing be a reason for BA stock optimism?

Throughout its 102-year history, spanning back to the start of the First World War, Boeing and the United States have shared a symbiotic relationship. Together, they have generated hundreds of thousands of jobs, produced top military aircraft for the nation, and supplied planes globally, facilitating the expansion of passenger air travel and bolstering US exports.

Additionally, recent data shows that in 2023, Boeing allocated over $14 million to influence US politicians, lawmakers, and other prominent institutions.

Boeing expenditure on lobbying. Source: Open Secrets
Boeing expenditure on lobbying. Source: Open Secrets

As a result, Boeing currently derives approximately 40% of its revenue from government contracts, with much of the remaining revenue coming from plane orders facilitated by US officials for international markets.

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