Wells Fargo & Company Lowers Boeing (NYSE:BA) Price Target to $109.00

Boeing (NYSE:BA) had its target price dropped by research analysts at Wells Fargo & Company from $110.00 to $109.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “underweight” rating on the aircraft producer’s stock. Wells Fargo & Company‘s price target would indicate a potential downside of 28.50% from the company’s previous close.

A number of other equities analysts have also recently weighed in on BA. TD Cowen reduced their price target on Boeing from $230.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. The Goldman Sachs Group reduced their target price on Boeing from $232.00 to $202.00 and set a “buy” rating for the company in a research note on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Boeing from $225.00 to $195.00 and set a “buy” rating on the stock in a research note on Thursday, October 3rd. Jefferies Financial Group reduced their price objective on shares of Boeing from $270.00 to $240.00 and set a “buy” rating for the company in a research report on Monday, September 23rd. Finally, Susquehanna reiterated a “positive” rating and issued a $230.00 target price on shares of Boeing in a research report on Wednesday, August 14th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $201.00.

Boeing Price Performance

NYSE:BA opened at $152.45 on Monday. The company has a 50 day moving average price of $161.80 and a 200-day moving average price of $173.13. Boeing has a 1-year low of $146.02 and a 1-year high of $267.54. The firm has a market cap of $93.59 billion, a price-to-earnings ratio of -42.94 and a beta of 1.57.

Boeing (NYSE:BA) last released its quarterly earnings data on Wednesday, July 31st. The aircraft producer reported ($2.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.90). The business had revenue of $16.87 billion for the quarter, compared to the consensus estimate of $17.35 billion. The business’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.82) earnings per share. On average, sell-side analysts anticipate that Boeing will post -5.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Madison Park Capital Advisors LLC lifted its holdings in Boeing by 4.9% during the 2nd quarter. Madison Park Capital Advisors LLC now owns 1,204 shares of the aircraft producer’s stock worth $219,000 after buying an additional 56 shares in the last quarter. Bridge Creek Capital Management LLC increased its position in shares of Boeing by 3.1% during the first quarter. Bridge Creek Capital Management LLC now owns 1,983 shares of the aircraft producer’s stock worth $383,000 after acquiring an additional 60 shares during the period. Wealth Alliance Advisory Group LLC raised its stake in shares of Boeing by 1.6% in the second quarter. Wealth Alliance Advisory Group LLC now owns 3,798 shares of the aircraft producer’s stock valued at $691,000 after acquiring an additional 60 shares in the last quarter. Angeles Wealth Management LLC boosted its holdings in Boeing by 4.2% in the first quarter. Angeles Wealth Management LLC now owns 1,524 shares of the aircraft producer’s stock valued at $294,000 after purchasing an additional 61 shares during the period. Finally, IMS Capital Management boosted its holdings in Boeing by 0.4% in the second quarter. IMS Capital Management now owns 16,032 shares of the aircraft producer’s stock valued at $2,759,000 after purchasing an additional 62 shares during the period. 64.82% of the stock is currently owned by hedge funds and other institutional investors.

About Boeing

The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide. The company operates through Commercial Airplanes; Defense, Space & Security; and Global Services segments.