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Morgan Stanley Upgrades Boeing On Being 'Ready For Takeoff'

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Morgan Stanley Upgrades Boeing On Being 'Ready For Takeoff'

While Boeing Co’s (NYSE: BA) production rates and the consensus estimates have been lowered, there are no significant incremental headwinds for the company in 2021, according to Morgan Stanley.

The Boeing Analyst: Kristine Liwag upgraded Boeing's stock from Underweight to Overweight, while raising the price target from $165 to $230.

The Boeing Thesis: The company is “a COVID-19 recovery play with upside,” Liwag said in the note.

Boeing Commercial Airplanes (BCA) has written down around 10% of its backlog, reduced production rates for its 737 MAX and 787, and delayed the 777X, he mentioned.

“With a low bar for expectations, and without any significant incremental headwinds in 2021, we now see a clear runway for Boeing for further upside,” the analyst wrote.

“COVID-19 vaccine rollout through 2021, eventual easing of international borders, and improved airline booking trends are positive catalysts that could influence bears and sideliners to re-evaluate the bull thesis,” he added.

BA Price Action: Shares of Boeing traded lower by 1.9% to $193.39 at the time of publication Friday. The stock earlier hit an intraday high of $201.45.

Photo credit: pjs2005 from Hampshire

Latest Ratings for BA

DateFirmActionFromTo
Apr 2021Credit SuisseMaintainsNeutral
Mar 2021SusquehannaMaintainsPositive
Mar 2021Morgan StanleyMaintainsOverweight

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