Boeing (NYSE:BA) Price Target Cut to $240.00 by Analysts at Jefferies Financial Group

Boeing (NYSE:BA) had its price target cut by analysts at Jefferies Financial Group from $270.00 to $240.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the aircraft producer’s stock. Jefferies Financial Group’s price target would suggest a potential upside of 56.19% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. UBS Group lowered their price objective on shares of Boeing from $250.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, June 7th. Bank of America lifted their price target on Boeing from $180.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, June 13th. Sanford C. Bernstein decreased their price objective on Boeing from $222.00 to $207.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Baird R W upgraded Boeing to a “strong-buy” rating in a report on Monday, June 3rd. Finally, Susquehanna restated a “positive” rating and set a $230.00 price target on shares of Boeing in a report on Wednesday, August 14th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $212.89.

Boeing Price Performance

Shares of BA stock traded up $0.37 on Monday, hitting $153.66. 4,256,965 shares of the stock traded hands, compared to its average volume of 7,954,465. The firm has a market cap of $94.33 billion, a price-to-earnings ratio of -43.36 and a beta of 1.57. The firm has a 50 day simple moving average of $171.21 and a two-hundred day simple moving average of $177.41. Boeing has a 52 week low of $151.65 and a 52 week high of $267.54.

Boeing (NYSE:BA) last released its quarterly earnings data on Wednesday, July 31st. The aircraft producer reported ($2.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.00) by ($1.90). The firm had revenue of $16.87 billion for the quarter, compared to analysts’ expectations of $17.35 billion. Boeing’s revenue was down 14.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.82) EPS. Sell-side analysts forecast that Boeing will post -4.26 EPS for the current year.

Institutional Investors Weigh In On Boeing

A number of institutional investors and hedge funds have recently made changes to their positions in BA. Vermillion & White Wealth Management Group LLC acquired a new position in Boeing during the 4th quarter worth approximately $26,000. Vima LLC purchased a new position in Boeing in the fourth quarter worth $34,000. Accent Capital Management LLC acquired a new stake in Boeing in the fourth quarter valued at $39,000. Frank Rimerman Advisors LLC purchased a new stake in shares of Boeing during the 4th quarter worth $48,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Boeing during the 2nd quarter worth $34,000. 64.82% of the stock is owned by hedge funds and other institutional investors.

Boeing Company Profile

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.