Boeing (BA) Has Work To Do, Turnaround Not Until 2022 - Jefferies
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Jefferies analyst Sheila Kahyaoglu reiterated a Buy rating and $300.00 price target on Boeing (NYSE: BA) noting that the cash headwinds moderating in 2021 but the turnaround is unlikely to happen until 2022. In short, while this quarter represents a baby step in the right direction, it will take time for the company to be able to prove consistency of results.
The analyst stated "BA displayed its potential runway but there is work to do on MAX, 787 and BCA margins. Despite continued BCA losses and FCF use, the magnitude was less than expected, driving shares up. The cadence of improvement will rely on MAX deliveries (16/mo in Q2 slated to increase to ~24/mo in H2 on our estimates vs. BA expectations of 44/mo) as well as 787. Overall, we assume BA uses $6.1BB of cash in 2021 and generates $11.9BB
Shares of Boeing closed at $226.48 yesterday.
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