Boeing Shares Slump but Market 'Overweighing' the Challenges, BofA Says

MT Newswires Live10-28 23:17

Boeing's (BA) lower free-cash-flow outlook and continued production challenges have weighed on the shares, but the market is "overweighing the gravity" of the setbacks, BofA Securities said in a report Wednesday.

Boeing continues to face difficulties stabilizing 737 and 787 production rates, while higher capital spending and development costs are pressuring free-cash-flow expectations. The company now expects about $2.9 billion in free cash flow in 2027 and $6 billion in 2028, well below its prior estimates, the report said.

Despite those pressures, years of commercial and defense backlog make Boeing "particularly attractive" at current levels, BofA said. Its defense portfolio includes "significant franchise programs," such as the F/A-XX and F-47, whose long-term importance investors have yet to appreciate, according to the report.

BofA reiterated a buy rating on Boeing, while lowering its price target to $235 from $270.

Price: 167.25, Change: -0.93, Percent Change: -0.55

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