BUZZ-Street View: Boeing still faces 737 production challenge

Reuters04-25

** Boeing on Wednesday reported its first quarterly revenue drop in seven quarters, but the U.S. planemaker beat analyst expectations that were lowered after a mid-air blowout of a door plug in January prompted it to slow production of its strongest-selling jets

** The median PT of 31 brokerages is $230

"LOT OF WORK REMAINING"

** Morgan Stanley ("equal-weight," PT: $180) says, "co has a lot of work remaining to get the 737 programs in a good place and not much time to complete the work"

** Sees near-term headwinds from regulatory pressure from the FAA and an upcoming labor agreement expiration in September'24

** RBC Capital Markets ("outperform," PT: $215) believes the slowdown in MAX 737 production will address lingering issues of production quality and ramp over the past several years

** Goldman Sachs ("buy," PT: $243) says Boeing is under-delivering even as demand remains very strong

** However, J.P.Morgan ("overweight," PT: $210) expects Boeing to emerge from the 737 MAX crisis and improve cash generation in 2024

** Brokerage expects around 70 deliveries in Q2 2024, up slightly from Q1 and then improvement in the second half of the year to reach nearly 350 for the full year

(Reporting by Priyadarshini Basu in Bengaluru)

((priyadarshini.basu@thomsonreuters.com))

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