Sterne Agee Maintains Buy on Boeing After Strong 4Q

Sterne Agee has published a research report on Boeing Company

after the company's strong 4Q earnings beat. In the report, Sterne Agee writes, "BA reported Dec-11 revenues of $19.6 billion and EPS of $1.32 (excluding $0.52 in favorable tax settlement) vs. our estimate of $18.9 billion and $1.11 vs. street at $19.4 billion and $1.00, respectively. Total Segment EBIT margins came in at 8.3% (vs. our estimate at 7.3%). Boeing Commercial Aircraft (

) sales totaled $10.7 billion vs. our estimate of $10.5 billion. BCA's operating earnings were $981 vs. our estimate of $915 million. Operating margins were 9.2% vs. our estimate of 8.7%. BCA backlog was up 8% sequentially at $296 billion for ~3,700 airplanes." Sterne Agee maintains its Buy rating and $82 price target on Boeing, which closed yesterday at $75.36.