Wall Street Bullish on The Boeing Company (BA) Despite Recent Price Target Cuts

The Boeing Company (NYSE:BA) is among the 12 Best Aerospace Stocks to Buy Right Now. On April 2, Citigroup analyst John Godyn lowered the firm’s price target on the stock to $256 from $290, while keeping a Buy rating.

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Despite the reduction, Wall Street continues to remain bullish on the stock with a Strong Buy rating and an average share price upside potential of 32% as of the close on Thursday.

Earlier on April 1, Jefferies reiterated a Buy rating on the stock with a price target of $295. On the same day, Wells Fargo initiated coverage on the aerospace company with an Overweight rating and announced a price target of $250.

According to TipRanks, Wells Fargo analyst David Strauss told investors in a research note that the firm anticipates a ‘sharp’ recovery in the company’s free cash flow as production begins to stabilize.

The analyst also noted that The Boeing Company (NYSE:BA) could see an appreciation in its share price, driven by improving MAX and 787 production rates along with what he described as a ‘large working capital opportunity’.

In other news, on March 31, the company said it had reached a seven-year framework with the Department of War, under the Arsenal of Freedom initiative, to triple the production of PAC-3 seekers amid rising global demand for air and missile defense.

The Boeing Company (NYSE:BA) is a leading aerospace company that manufactures commercial airplanes, space systems, and defense equipment for customers in more than 150 countries.

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