Canaccord Genuity Upgrades Boeing (BA) to Buy on 'MAX outlook, improving fundamentals'

(Updated - March 5, 2021 9:29 AM EST)

Canaccord Genuity analyst Ken Herbert upgraded Boeing (NYSE: BA) from Hold to Buy with a price target of $275.00 (from $200.00).

The analyst comments "We are upgrading the shares of Boeing (BA) from Hold to BUY and increasing our price target to $275. Our upgrade is based on three factors: 1) the MAX return to service; 2) the improved outlook for travel and the airline recovery, which will correspond with a positive inflection in the aerospace cycle; and 3) the stabilization in the wide-body outlook. While we continue to see risk to the Boeing 737 MAX production schedule, we believe the combination of a recovery in passenger traffic, higher fuel prices, and improved airline financial health will support BA’s MAX delivery plans."

He added, "Moreover, we believe Q4/20 represented the order trough for Boeing, and we believe the outlook for improved airplane orders in H2/21 will be a positive catalyst. While the stock has had a significant move off its March 2020 lows, we see further upside."

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 $222.69 yesterday.

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