Canaccord Genuity Upgrades Boeing (BA) to Buy on 'MAX outlook, improving fundamentals'
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(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."
Shares of Boeing closed at $222.69 yesterday.
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