Morgan Stanley downgraded Boeing (NYSE: BA) to Equal Weight from Overweight, noting it believes the majority of the near- and medium-term positive catalysts for the stock have been realized. Going forward, the firm expects Boeing to trade on the execution of its 2025/2026 aircraft production rate targets and free cash flow generation. Despite the strong demand for aircraft, the firm sees the supply chain as a bottleneck for further production/delivery increases, which is the key milestone for cash generation.

William Blair downgraded ON Semiconductor (NASDAQ: ON) to Market Perform from Outperform, noting its concern is that the combination of the traditional business weakness and lower SiC yields could push the gross margin to the company’s stated “worst case scenario” of 45%, or below.

UBS downgraded Waste Management (NYSE: WM) to Neutral from Buy and cut its price target to $165.00 from $190.00. Shares closed more than 2% lower today.

Morgan Stanley downgraded Oiln (NYSE: OLN) to Underweight from Equalweight with a price target of $50.00, viewing the stock as a potential relative under-performer.

Barclays downgraded NetApp (NASDAQ: NTAP) to Equalweight from Overweight with a price target of $71.00.

By Davit Kirakosyan

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