UPDATE: Societe Generale Reiterates Sell Rating, Raises PT on The Boeing Company

In a report published Friday, Societe Generale reiterated its Sell rating on The Boeing Company

and raised its price target from $68.00 to $70.00. Societe Generale noted, “Boeing shares performed relatively poorly in 2012 (+3%), underperforming civil aerospace peers by 13%. We believe that the difficult defence outlook and continuing challenges on the B787 programme, together with a higher pension charge of $1.8bn to be booked in 2013, weighed on the share price. Boeing stock remains under pressure on the recent grounding of the 787 fleet and the full FAA review into 787 manufacturing processes. We reiterate our Sell rating and elect Boeing again as our least preferred stock.” The Boeing Company closed on Thursday at $75.32.