Boeing Co (NYSE:BA) shares are trading lower today following second quarter earnings miss reported yesterday. Several analysts raised the price target on the stock.
Boeing reported a revenue decline of 15% Y/Y to $16.866 billion, missing the consensus of $17.23 billion, and adjusted loss per share of $(2.90) missed the consensus of $(1.91).
Also, Boeing announced Robert K. "Kelly" Ortberg as the company's new president and chief executive officer, effective August 8, 2024.
Stifel analyst Bert W. Subin upped the price target from $230 to $235 while maintaining a Buy rating.
The analyst writes that the key announcement is Kelly Ortberg's appointment as Boeing CEO. Ortberg's hire could drive much-needed cultural change and mark a new chapter for Boeing, with strong demand and improving supply on the horizon.
Subin doesn't anticipate an increase in delivery estimates after earnings but doesn't expect significant cuts either, suggesting a potential turning point.
At the call, CFO Brian West revealed that free cash flow (FCF) will remain negative in the third quarter but is expected to recover in the fourth quarter. As production increases—MAX reaching ~38/month and 787 ~5/month by year-end—inventory should stabilize, with additional aircraft deliveries expected to boost results, writes the analyst.
RBC Capital Markets analyst Ken Herbert raised the price target from $210 to $220 and reiterated the Outperform rating.
The analyst says that the key upcoming catalysts are Kelly Ortberg's expected reset of company expectations and the resolution of the IAM contract in September.
Herbert anticipates no strike at Boeing and views the catalyst path as favorable, especially if Boeing achieves its planned delivery increase in H2 2024, which is crucial for improving the FCF outlook.
Goldman Sachs analyst Noah Popona maintained a Buy rating with a price target of $242.
The analyst writes that the press release doesn't provide 2024 guidance, but they anticipate Boeing will outline its production ramp through the end of the year and reaffirm its $10 billion mid-term framework.
Last month, Boeing agreed to finalize a guilty plea to a criminal fraud conspiracy charge and pay at least $243.6 million for breaching a 2021 agreement with the U.S. Justice Department.
Boeing stock has lost around 25% in the last 12 months. Investors can gain exposure to the stock via IShares U.S. Aerospace & Defense ETF (BATS:ITA) and First Trust Exchange-Traded Fund First Trust Indxx Aerospace & Defense ETF (NYSE:MISL).
Price Action: BA shares are down 6.47% at $178.26 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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继昨天公布第二季度财报亏损后，波音公司（纽约证券交易所代码：BA）股价今天走低。几位分析师提高了该股的目标股价。
波音报告收入同比下降15％，至168.66亿美元，未达到172.3亿美元的共识，调整后的每股亏损2.90美元，未达到预期的1.91美元。
此外，波音宣布罗伯特· “凯利” ·奥特伯格为公司新任总裁兼首席执行官，自2024年8月8日起生效。
Stifel分析师伯特·苏宾将目标股价从230美元上调至235美元，同时维持买入评级。
这位分析师写道，关键的公告是凯利·奥特伯格被任命为波音首席执行官。随着需求强劲和供应的改善，Ortberg的聘用可能会推动急需的文化变革，并标志着波音的新篇章。
Subin预计盈利后的交付量估计不会增加，但预计也不会大幅削减，这表明这是一个潜在的转折点。
首席财务官布莱恩·韦斯特在电话会议上透露，第三季度自由现金流（FCF）将保持负数，但预计将在第四季度恢复。分析师写道，随着产量的增加——最大产量达到约38个月，到年底达到787个左右/月——库存应该会稳定下来，预计更多的飞机交付量将提振业绩。
加拿大皇家银行资本市场分析师肯·赫伯特将目标股价从210美元上调至220美元，并重申了跑赢大盘的评级。
这位分析师表示，即将到来的关键催化剂是凯利·奥特伯格预计将重启公司预期，以及9月份的iAM合同的解决。
赫伯特预计波音不会罢工，并认为催化剂路径是有利的，特别是如果波音在2024年下半年实现计划交付量增长，这对于改善FCF前景至关重要。
高盛分析师诺亚·波波纳维持买入评级，目标股价为242美元。
这位分析师写道，新闻稿并未提供2024年的指导，但他们预计波音将概述其在年底之前的产量增长，并重申其100亿美元的中期框架。
上个月，波音同意完成对一项刑事欺诈阴谋指控的认罪，并因违反2021年与美国司法部达成的协议而支付至少2.436亿美元。
在过去的12个月中，波音的股票下跌了约25％。投资者可以通过iShares美国航空航天与国防ETF（BATS: ITA）和第一信托交易所交易基金第一信托指数航空航天与国防ETF（纽约证券交易所代码：MISL）获得股票敞口。
价格走势：在周四的最后一次检查中，英国航空股价下跌6.47％，至178.26美元。
免责声明：此内容部分是在人工智能工具的帮助下制作的，并由Benzinga的编辑审阅和发布。
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