Wells Fargo & Company Lowers Boeing (NYSE:BA) Price Target to $85.00

Boeing (NYSE:BA) had its target price reduced by Wells Fargo & Company from $86.00 to $85.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an underweight rating on the aircraft producer’s stock.

Several other research analysts have also commented on the company. TD Cowen dropped their price target on Boeing from $200.00 to $190.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Robert W. Baird lowered their target price on shares of Boeing from $240.00 to $200.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Susquehanna dropped their price target on shares of Boeing from $210.00 to $200.00 and set a “positive” rating for the company in a research note on Thursday, October 24th. Royal Bank of Canada reissued an “outperform” rating and issued a $200.00 price objective on shares of Boeing in a research report on Wednesday, October 30th. Finally, Sanford C. Bernstein lowered Boeing from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $195.00 to $169.00 in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Boeing has a consensus rating of “Hold” and an average target price of $190.37.

Boeing Price Performance

NYSE:BA opened at $150.98 on Monday. The company has a market cap of $93.34 billion, a price-to-earnings ratio of -11.70 and a beta of 1.57. Boeing has a 1 year low of $144.13 and a 1 year high of $267.54. The stock’s 50 day simple moving average is $156.17 and its two-hundred day simple moving average is $170.60.

Boeing (NYSE:BA) last announced its quarterly earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share for the quarter, missing the consensus estimate of ($10.34) by ($0.10). The company had revenue of $17.84 billion for the quarter, compared to the consensus estimate of $17.81 billion. During the same quarter in the previous year, the company earned ($3.26) EPS. The business’s revenue was down 1.5% compared to the same quarter last year. As a group, analysts anticipate that Boeing will post -16.09 EPS for the current year.

Hedge Funds Weigh In On Boeing

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Fifth Third Wealth Advisors LLC boosted its position in Boeing by 33.3% during the third quarter. Fifth Third Wealth Advisors LLC now owns 2,485 shares of the aircraft producer’s stock valued at $378,000 after purchasing an additional 621 shares in the last quarter. Prospera Financial Services Inc boosted its holdings in shares of Boeing by 5.7% in the 3rd quarter. Prospera Financial Services Inc now owns 22,430 shares of the aircraft producer’s stock valued at $3,411,000 after buying an additional 1,214 shares in the last quarter. Caprock Group LLC raised its stake in shares of Boeing by 2.5% during the 3rd quarter. Caprock Group LLC now owns 10,234 shares of the aircraft producer’s stock worth $1,556,000 after acquiring an additional 252 shares in the last quarter. Semus Wealth Partners LLC lifted its position in Boeing by 28.6% during the third quarter. Semus Wealth Partners LLC now owns 1,801 shares of the aircraft producer’s stock valued at $274,000 after acquiring an additional 400 shares during the last quarter. Finally, First Western Trust Bank acquired a new stake in Boeing in the third quarter valued at approximately $261,000. 64.82% of the stock is currently owned by institutional investors.

About Boeing

The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide. The company operates through Commercial Airplanes; Defense, Space & Security; and Global Services segments.