5 Best Transportation Stocks To Buy Heading Into 2024

4. The Boeing Company (NYSE:BA)

Number of Hedge Fund Holders: 57

The Boeing Company (NYSE:BA) engages in the design, development, manufacturing, and servicing of commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and related services on a global scale. The company is divided into four segments – Commercial Airplanes, Defense, Space & Security, Global Services, and Boeing Capital. The Boeing Company (NYSE:BA) is one of the top transportation stocks to invest in. 

On November 1, Goldman Sachs added The Boeing Company (NYSE:BA) to its Conviction Buy list. According to Noah Poponak, an analyst at Goldman Sachs, investors appear to be giving more attention to short-term disruptions rather than long-term fundamentals and normalized free cash flow, which he sees as a buying opportunity. The analyst maintained a $258 price target on Boeing. 

According to Insider Monkey’s second quarter database, 57 hedge funds were bullish on The Boeing Company (NYSE:BA), compared to 52 funds in the prior quarter. Phill Gross and Robert Atchinson’s Adage Capital Management is a prominent stakeholder of the company, with 2 million shares worth $438.6 million. 

Meridian Funds made the following comment about The Boeing Company (NYSE:BA) in its Q3 2022 investor letter:

“We similarly remained invested in largely out-of-favor The Boeing Company (NYSE:BA) , a global leader in developing and producing commercial jet aircraft. Due to some self-inflicted wounds and a bit of bad luck, as well as dramatic declines in air travel early in the pandemic, investor sentiment for this company has simply been awful. As part of our contrarian thinking, however, we view the business as critical to global transportation needs and see multiple catalysts to improve sentiment. In addition to the current surge in air travel worldwide, ramped up production of the 737 MAX aircraft and the pending restart of 787 Dreamliner deliveries should help turn broader sentiment. Additionally, we anticipate a meaningful inflection in cash flow as Boeing starts delivering aircraft currently in storage as well as the eventual expansion of its production in both core platforms.”