UPDATE: Goldman Sachs Removes Boeing From CL-Buy List, Buy Rating Maintained
In a report published Wednesday, Goldman Sachs Group downgraded The Boeing Company (NYSE: BA) from Conviction List Buy to Buy and lowered its price target from $98.00 to $90.00.
Goldman Sachs noted, “We remove Boeing from the Conviction List, while retaining our Buy rating. We lower our 12-month price target to $90 from $98. Last night an All Nippon Airways (ANA) flight on a 787 aircraft made an emergency landing. Multiple reports state this was due to an alert in the cockpit of an issue related to batteries in the aircraft. This follows the January 7 incident in which a Japan Airlines 787 experienced a fire while parked at the gate at Logan airport, which was also reportedly caused by the overheating of a lithium ion battery. BA is up 31% since we added to the CL on 8/8/11 vs. SPX up 32%. It is up 3% the past 12 months (SPX up 14%).”
The Boeing Company closed on Tuesday at $76.94.
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