Citigroup Issues Pessimistic Forecast for Boeing (NYSE:BA) Stock Price

Boeing (NYSE:BA) had its price target cut by equities researchers at Citigroup from $209.00 to $207.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the aircraft producer’s stock. Citigroup’s target price points to a potential upside of 17.64% from the stock’s current price.

BA has been the topic of a number of other reports. Wells Fargo & Company dropped their price target on Boeing from $86.00 to $85.00 and set an “underweight” rating on the stock in a research report on Monday, November 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $200.00 target price on shares of Boeing in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lowered their price target on shares of Boeing from $195.00 to $190.00 and set an “overweight” rating for the company in a research report on Monday, November 25th. Benchmark reiterated a “buy” rating and issued a $250.00 price objective on shares of Boeing in a research report on Thursday, October 24th. Finally, Morgan Stanley decreased their target price on shares of Boeing from $195.00 to $170.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Boeing has an average rating of “Moderate Buy” and an average price target of $192.11.

Boeing Price Performance

Boeing stock opened at $175.95 on Friday. Boeing has a 12 month low of $137.03 and a 12 month high of $214.63. The company has a fifty day moving average price of $166.42 and a two-hundred day moving average price of $164.56. The company has a market cap of $108.77 billion, a PE ratio of -13.64 and a beta of 1.52.

Boeing (NYSE:BA) last announced its quarterly earnings data on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($10.34) by ($0.10). The company had revenue of $17.84 billion for the quarter, compared to analyst estimates of $17.81 billion. During the same period in the previous year, the company posted ($3.26) earnings per share. The firm’s revenue was down 1.5% on a year-over-year basis. Equities research analysts anticipate that Boeing will post -16.39 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BA. Van ECK Associates Corp raised its position in shares of Boeing by 122.0% during the third quarter. Van ECK Associates Corp now owns 2,277,548 shares of the aircraft producer’s stock worth $357,712,000 after purchasing an additional 1,251,456 shares during the period. International Assets Investment Management LLC boosted its holdings in shares of Boeing by 289.8% in the third quarter. International Assets Investment Management LLC now owns 1,682,970 shares of the aircraft producer’s stock worth $2,558,790,000 after buying an additional 1,251,165 shares during the period. Franklin Resources Inc. raised its holdings in shares of Boeing by 1,296.3% during the third quarter. Franklin Resources Inc. now owns 1,136,895 shares of the aircraft producer’s stock valued at $169,386,000 after acquiring an additional 1,055,472 shares during the period. State Street Corp lifted its position in shares of Boeing by 2.3% in the 3rd quarter. State Street Corp now owns 27,778,195 shares of the aircraft producer’s stock valued at $4,223,397,000 after acquiring an additional 636,594 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in Boeing by 9.9% in the 3rd quarter. Jennison Associates LLC now owns 6,700,706 shares of the aircraft producer’s stock worth $1,018,775,000 after purchasing an additional 602,143 shares during the period. Institutional investors and hedge funds own 64.82% of the company’s stock.

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.