Boeing Suspends Purchase Of Titanium From Russia: Report

March 7, 2022 12:17 PM | 1 min read | Make a Comment

Boeing Co BA has suspended buying titanium from Russia. This step might have ramifications for the company's relationship with its largest commodity supplier, VSMPO-Avisma, a Russian titanium producer, reported Reuters.
"Our inventory and diversity of titanium sources provide sufficient supply for airplane production, and we will continue to take the right steps to ensure long-term continuity," the report quoted Boeing.
Cowen analyst Cai von Rumohr lowered the price target on Boeing to $230 (an upside of 30%) from $265 and maintained an Outperform rating on the shares.
The analyst mentions that Boeing faces near-term risks, but if 787 stays close to schedule, he sees a healthy, backloaded 2022 CFPS.
Price Action: BA shares are trading lower by 1.69% at $177.79 on the last check Monday.