(CercleFinance.com) – Boeing yields more than 1% in New York, penalized by an analysis by Jefferies which confirmed its ‘buy’ recommendation while significantly reducing its price target on the stock from 270 to 225 dollars, in the wake of a reduction in its operating profit forecast for the aircraft manufacturer by 30% for 2022-24.
‘Looks like it’s been a decade since Boeing delivered a positive release. Investor sentiment for the first quarter was looking for a glimmer of hope,’ the broker said in its note.
Jefferies sees some progress on the pace for the MAX aircraft and FAA submission for the 787, but notes the defense has been disappointed. “There are questions around normalized earnings in defense and commercial aviation,” he continues.
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