Boeing (BA) Target Raised to $156 at Deutsche Bank

October 24, 2013 11:19 AM EDT
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Price: $158.32 +0.41%

Rating Summary:
    14 Buy, 11 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Deutsche Bank maintained a Buy rating on Boeing (NYSE: BA) and raised its price target to $156.00 (from $130.00). Analyst Myles Walton thinks the "cash story" is still intact.

"Deferred production excess over average cost per unit appears to have held flat (despite some initial reads that the metric had improved) on 17 equivalent aircraft added to inventory in the Q (implied from comments on the call)," said Walton.

"On the call, management increased the peak deferred production balance target to $25B from the low $20B level, which is consistent with our thinking. The break-even point for the 787 should still be in the 2015 timeframe and given we estimate deferred production to end 2013 at $22B (up from $16B at end of 2012), 2014 deferred production build will be nicely lower despite higher production levels. We still see a path to $13/share in FCF in 2015 and $17/share in 2017," he added.

For an analyst ratings summary and ratings history on Boeing click here. For more ratings news on Boeing click here.

Shares of Boeing closed at $129.02 yesterday.

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