What's Going On With Boeing Stock Tuesday?

Boeing Co BA shares are trading lower Tuesday. The stock was removed from Goldman Sachs' Conviction List this week. 

What Happened: Goldman Sachs cut Boeing from its Conviction List on Tuesday alongside Bath & Body Works, Shift4 Payments and AIG. The firm replaced the aforementioned companies with Parker Hannifan and Textron. 

Goldman didn't provide a reason for removing Boeing, but the firm noted that stocks can be removed from the Conviction List for a number of reasons including analysts no longer having conviction, price realization, catalysts playing out or better opportunities elsewhere. With Boeing having rallied more than 37% over the last three months, it's possible that Goldman simply sees better opportunities.

According to analyst data from Benzinga, 23 analysts have positive ratings on Boeing and five have neutral ratings with an average price target of $218.63.  

See Also: Chinese Airlines Resume Operations of All Boeing 737 MAX Jets Ending Global Grounding Since 2019

BA Price Action: Boeing shares were down 1.41% at $257.01 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Boeing.