Boeing’s stock gets a boost after J.P. Morgan gets bullish again
Shares of Boeing Co.
got a 1.6% boost in premarket trading Thursday, after the aerospace and defense contractor was upgraded at J.P. Morgan, with analyst Seth Seifman saying, “a deep breath and diving in.” Seifman raised his rating to overweight, after downgrading it to neutral in March 2020. He raised his stock price target to $275 from $260. “With the market near a record, we like that BA has company-specific catalysts that should help, provided we avoid a recession or eternal COVID-19 waves,” Seifman wrote in a note to clients. “[B]oeing’s position at the center of global air travel offers confidence that it will recover financially over time and we believe risk-reward now skews favorably.” He said China’s certification of Boeing’s 737 MAX planes is “critical,” and recent reports suggest it is approaching. Another overhang is the 787 delivery halt, which Seifman said seems likely to persist in to the first quarter of 2022. Boeing’s implied stock price gain would add about 24 points to the Dow Jones Industrial Average’s price, while Dow futures
gained 35 points, or 0.1%.