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Street Uses Boeing Downgrade As Buying Opportunity

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Boeing Co (NYSE: BA) shares are trading lower by $0.60 at $178.10 in Monday's session. At this time, the Street is viewing the downgrade at Morgan Stanley from Overweight to Equal-Weight as a buying opportunity.

After trading lower in each of its last three sessions (falling from its March 7 close $182.02 to $178.70), the issue responded to the downgrade with a lower open.

However, it declined only $0.09 to $177.07 before staging a rebound that peaked at $178.45. The current low comes in just below its February 27 low ($177.55) and nearly $1.00 above its February 24 at $176.10.

Despite the recent decline, the issue isn't far off its all-time high that was made on March 2 ($185.71) and its all-time closing high from March 1 at $182.99.

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