BofA Securities Upgrades Boeing (BA) to Buy, Street High PT $260

BofA Securities analyst Ronald Epstein upgraded Boeing (NYSE: BA) from Neutral to Buy with a price target of $260.00 (from $185.00).

The analyst comments "Boeing (BA) aircraft have emerged as the favored trade tool for the Trump Administration in recent trade deals. We view those recent deals struck in the UK (32 aircraft orders), Qatar (210 aircraft orders), UAE (28 aircraft orders), and China (removing the ban on BA aircraft), as setting a precedent for future global trade negotiations, to BA’s benefit. That said, Boeing’s backlog hasn’t been the lynch pin to our valuation. However, we do see the progress in stabilizing production, carve-outs alleviating FCF burn, and a renewed focus across the portfolio all performing in concert with the “favored trade mechanism” status creating a buying opportunity. Therefore, we upgrade Boeing to a Buy (from Neutral) and increase our PO to $260 (from $185) which implies FCF of $9/share."

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 $207.32 yesterday.

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