UPDATE: Bank of America Downgrades Boeing - Boeing (NYSE:BA)

In a note published early Thursday morning Bank of America analyst, Ronald Epstein downgraded shares of The Boeing Company

from Buy to Neutral and lowered his price objective from $154 to $140. In the near to medium-term Epstein believes the stock may be "range bound" with limited upside due to the looming cycle peak and limited downside due to near-term earnings visibility. That said, Epstein has concerns that aircraft OEMs may be overbuilding aircrafts, which could cause order cancellations further out. In addition to over production, Epstein outlined five key concerns for downside risk.

Shrinking military aircraft portfolio.
Aircraft derivative programs have proven to be more expensive than previously expected, highlighting that the development of the 777X is not without risk.
Profits from 787 may be slower than expected due to creeping deferred production costs.
Transition from 737 NG to 737 MAX may not be as smooth as company hopes.
Company many have lost replacement market for the 757 to Airbus A321NEO.

Following the downgrade, shares of Boeing have slipped about one percent to ~$125.7, at last check.

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