Boeing Price Target Cuts Predicted by Analysts Ahead of Q3 Earnings
Boeing Faces Price Target Cuts in Light of Q3 Earnings
Boeing's (NYSE: BA) precarious position in the stock market has led to three analysts revising their price targets downward just a week before the upcoming Q3 2024 earnings report scheduled for October 23. The modification of targets reflects the company's eroding public confidence and systemic challenges that have emerged over recent months.
Recent Analyst Downgrades
Tony Rumohr from TD Cowen has changed his stance, maintaining a 'Buy' rating while reducing the price target from $200 to $190, foreseeing significant losses this quarter. Seth Seifman of JPMorgan also cut his price target, moving from $235 to $195, emphasizing that Boeing's liquidity issues and increased cash burn necessitate a $15 billion equity raise by 2025.
- TD Cowen: Target revised from $200 to $190, 'Buy' rating.
- JPMorgan: Target adjusted from $235 to $195, 'Overweight' rating.
- Wells Fargo: Target lowered from $110 to $109, 'Underweight' rating.
Boeing's Current Challenges
As of now, BA stock is priced at $148.89, reflecting a staggering 40.86% decline year-to-date. This downturn stems from multiple safety and operational disruptions, including production delays exacerbated by quality control issues on its 737 MAX jets. This troublesome trajectory appears poised to continue amid rising investor scrutiny.
Impact on BA Stock
Despite bearish adjustments, a measure of hope is detected, with some analysts predicting potential upsides should Boeing navigate its current turbulence.
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