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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繼昨天公佈第二季度業績虧損後，波音公司（紐約證券交易所代碼：BA）股價今天走低。幾位分析師提高了該股的目標股價。
波音報告收入同比下降15％，至168.66億美元，未達到172.3億美元的共識，調整後的每股虧損2.90美元，未達到預期的1.91美元。
此外，波音宣佈羅伯特· “凱利” ·奧特伯格爲公司新任總裁兼首席執行官，自2024年8月8日起生效。
Stifel分析師伯特·蘇賓將目標股價從230美元上調至235美元，同時維持買入評級。
這位分析師寫道，關鍵的公告是凱利·奧特伯格被任命爲波音首席執行官。隨着需求強勁和供應的改善，Ortberg的聘用可能會推動急需的文化變革，並標誌着波音的新篇章。
Subin預計盈利後的交付量估計不會增加，但預計也不會大幅削減，這表明這是一個潛在的轉折點。
首席財務官布萊恩·韋斯特在電話會議上透露，第三季度自由現金流（FCF）將保持負數，但預計將在第四季度恢復。分析師寫道，隨着產量的增加——最大產量達到約38個月，到年底達到787個左右/月——庫存應該會穩定下來，預計更多的飛機交付量將提振業績。
加拿大皇家銀行資本市場分析師肯·赫伯特將目標股價從210美元上調至220美元，並重申了跑贏大盤的評級。
這位分析師表示，即將到來的關鍵催化劑是凱利·奧特伯格預計將重啓公司預期，以及9月份的iAM合同的解決。
赫伯特預計波音不會罷工，並認爲催化劑路徑是有利的，特別是如果波音在2024年下半年實現計劃交付量增長，這對於改善FCF前景至關重要。
高盛分析師諾亞·波波納維持買入評級，目標股價爲242美元。
這位分析師寫道，新聞稿並未提供2024年的指導，但他們預計波音將概述其在年底之前的產量增長，並重申其100億美元的中期框架。
上個月，波音同意完成對一項刑事欺詐陰謀指控的認罪，並因違反2021年與美國司法部達成的協議而支付至少2.436億美元。
在過去的12個月中，波音的股票下跌了約25％。投資者可以通過iShares美國航空航天與國防ETF（BATS: ITA）和第一信託交易所交易基金第一信託指數航空航天與國防ETF（紐約證券交易所代碼：MISL）獲得股票敞口。
價格走勢：在週四的最後一次檢查中，英國航空股價下跌6.47％，至178.26美元。
免責聲明：此內容部分是在人工智能工具的幫助下製作的，並由Benzinga的編輯審閱和發佈。
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