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Wall Street sets Boeing stock price for the next 12 months

Wall Street sets Boeing stock price for the next 12 months
Darija Gvozderac

Boeing’s (NYSE: BA) airplane deliveries plunged in the first quarter of 2024, raising concerns about the company’s future and potentially impacting its stock price in the next year.

Despite ongoing orders, including a significant one from American Airlines (AAL), Boeing faces financial challenges.

Aerospace and defense giant delivered just 83 planes in the first three months, a significant drop from the previous quarter’s 157 and a far cry from the year-ago figure of 130. Boeing delivered 29 airplanes in March, down more than half from the 64 delivered in the same month a year ago.

“We won’t rush or go too fast,” Boeing CFO Brian West said at a Bank of America conference last month. “In fact, we’re deliberately going too slow to get this right. And we are the ones who made the decision to constrain rates on the 737 program below 38 per month until we feel like we’re ready. And we’ll feel the impact of that over the next several months.”

This slump comes amid heightened questioning following a serious door incident on a 737 Max 9 plane in January. Federal investigators discovered missing bolts on a critical door plug, raising questions about Boeing’s quality control procedures.

The company’s production slowdown to address quality control issues and avoid rework, along with the impact of CEO Dave Calhoun’s departure and leadership shakeup, could dampen investor confidence.

Wall Street weighs in on Boeing stock

The majority of Wall Street analysts recommend purchasing Boeing stock, with 25 analysts projecting an average price target of $241.00 in the next 12 months, indicating a potential gain of 35.30% from the current price of $178.12 based on its performance over the past 3 months.

BA stock 12-month price forecast. Source: TipRanks

17 analysts on TipRanks as of April 10, advocate for buying the stock. Forecasts range from a high of $300.00 to a low of $164.00 in the next 12 months, grounded in Boeing’s recent performance. Conversely, seven analysts recommend holding the asset, while one suggests selling.

While the recent analyst update appears mixed, a closer look reveals some key details. 

A Sanford Bernstein analyst did lower their price target on Boeing by $32 to $240, acknowledging the company’s current challenges. 

However, it’s important to consider that Bernstein maintains an “outperform” rating on the stock, indicating their belief in its long-term potential to outperform the broader market. 

Additionally, even with the lowered target, their prediction still suggests a possible upside of over 32% over the next 12 months compared to the current price.

Further complicating the picture, analysts at Barclays took a more bullish stance, raising their price target on the stock from $146 to $179.

These contrasting views highlight the uncertainty surrounding Boeing’s future performance. While some analysts acknowledge headwinds, others see potential for growth.

Boeing stock price analysis

As of the market close on April 9, Boeing was valued at $178.12, reflecting a notable loss of -4.28% over the past five days, coupled with a larger decline of -8.40% over the past month. 

The most substantial decrease is observed in the year-to-date (YTD) performance, with a significant decline of -29.82%.

BA stock YTD price chart. Source: Finbold

This downward trend in Boeing’s stock value suggests a bearish sentiment prevailing in the market. 

Boeing stock: bearish short-term or bullish long-term?

The consecutive losses over the short and medium term, combined with the significant YTD decline, indicate investor apprehension and potential concerns regarding the company’s performance, particularly in the face of delivery setbacks and safety issues.

However, it’s important to note that analysts’ forecasts for the next 12 months project a potential gain of 35.30% from the current price, with a majority advocating for purchasing BA. 
Essentially, while the recent performance of Boeing’s stock indicates bearish sentiment driven by short-term losses, the bullish outlook from analysts suggests optimism for the company’s prospects in the longer term.

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