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Redburn analyst Jeremy Bragg downgraded
Boeingstock to Sell from Hold on Thursday. There are too many headwinds for the company to achieve its prior altitude, according to the analyst, who suggests Boeing bulls “curb their enthusiasm.”
Boeing stock (ticker: BA) is already part of the way back to achieving its prior highs. Shares are up more than 30% over the past three months and for some good reasons. “The recertification of the MAX and progress with a vaccine are undoubtedly good news for Boeing,” Bragg wrote in his research report.
Still, he sees problems with demand, Boeing’s competitive positioning, free cash flow, and company debt. As a result, he concludes, “Boeing’s share price is no longer supported by its fundamentals.” His price target is $180 a share.