UPDATE: Citi Upgrades Boeing (BA) to Buy

Citi analyst Jonathan Raviv upgraded Boeing (NYSE: BA) from Neutral to Buy with a price target of $209.00 (from $219.00).

The analyst comments "n this report, we seek to value Boeing on the basis that the (significant) medium-term risks can be resolved, but we quantify those risks. If the 737MAX, 777X (both of reasonable concern to us) and the 787 (of less concern) programs achieve our forecast levels of production and profitability, we estimate fair value to be $209/sh (our new target price), implying ~70% upside. If the 737MAX and 777X only achieve our downside case, we estimate value to be $116/sh, marginally below the current share price. And, if all three programs go badly, we see value at about $84/sh, ~30% below the current price. We upgrade our rating to Buy/High Risk (from Neutral)."

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 $133.72 yesterday.

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