Buy Boeing (BA) on Fire-Related Weakness - Wells Fargo
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Price: $99.75 +1.86%
Rating Summary:
15 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
15 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade BA Now!
Yesterday a Boeing Co. (NYSE: BA) 787 Deamliner caught fire at Boston's Logan International Airport. The fire took place in an electrical equipment bay, and reports indicate the fire started around the battery used for the auxiliary power unit. While complete details are still pending an NTSB investigation, trader wasted little time when it came to selling Boeing stock. This selloff is buying opportunity, in the view of analysts at Wells Fargo.
"The bottom line is we remain positive on Boeing stock. We expect the production ramp to continue. Importantly, any costs associated with retrofitting existing planes or changing the production system as a result of this incident would be recognized over the 1,100 unit accounting block and therefore, should not be material to near-term results," said analyst Sam J. Pearlstein.
Wells Fargo has an Outperform rating on Boeing.
For an analyst ratings summary and ratings history on Boeing (NYSE: BA) click here. For more ratings news on Boeing click here.
Shares of Boeing closed at $76.13 yesterday, with a 52 week range of $66.82-$78.02.
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"The bottom line is we remain positive on Boeing stock. We expect the production ramp to continue. Importantly, any costs associated with retrofitting existing planes or changing the production system as a result of this incident would be recognized over the 1,100 unit accounting block and therefore, should not be material to near-term results," said analyst Sam J. Pearlstein.
Wells Fargo has an Outperform rating on Boeing.
For an analyst ratings summary and ratings history on Boeing (NYSE: BA) click here. For more ratings news on Boeing click here.
Shares of Boeing closed at $76.13 yesterday, with a 52 week range of $66.82-$78.02.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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