Wells Fargo Cuts Q4, FY10, FY11 Estimates on Boeing (BA) Following Recent Change to Pension
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Shares of Boeing (NYSE: BA) are underperforming the broader markets today, currently down 2%, versus the Dow Jones which is down just 0.05%. Some of the downside could be attributed to a Wells Fargo note earlier in which the firm lowered estimates on the airline manufacturer.
Maintaining its Market Perform rating and $54-$56 valuation range, Wells Fargo cited the recent large stock contribution to its pension plan. The firm believes that while the move does help Boeing preserve cash, it also could be "modestly dilutive to EPS."
Wells Fargo's Q4 EPS estimate moves from $1.38 to $1.36, versus the consensus of $1.37, its FY10 estimate moves from $4.70 to $4.65, versus the Street estimate of $4.40, and its FY11 estimate moves from $4.45 to $4.40. Notably, Wells Fargo maintained its FY09 EPS estimate of $1.45.
To see all the analyst comments on share of Boeing, visit our Analyst Ratings page.
The Boeing Company, together with its subsidiaries, engages in the design, development, manufacture, sale, and support of commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services worldwide.
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