Sanford C. Bernstein Lowers Boeing (NYSE:BA) Price Target to $240.00

Boeing (NYSE:BA) had its price target reduced by equities research analysts at Sanford C. Bernstein from $272.00 to $240.00 in a report issued on Monday, Benzinga reports. The firm currently has an “outperform” rating on the aircraft producer’s stock. Sanford C. Bernstein’s price objective indicates a potential upside of 34.74% from the stock’s previous close.

Several other brokerages have also issued reports on BA. Citigroup cut their price target on Boeing from $263.00 to $252.00 and set a “buy” rating on the stock in a report on Thursday, March 28th. Edward Jones lowered Boeing from a “buy” rating to a “hold” rating in a report on Monday, January 8th. Bank of America cut their price target on Boeing from $225.00 to $210.00 and set a “neutral” rating on the stock in a report on Thursday, March 21st. JPMorgan Chase & Co. cut their price target on Boeing from $270.00 to $230.00 and set an “overweight” rating on the stock in a report on Monday, March 25th. Finally, Melius restated a “hold” rating on shares of Boeing in a report on Monday, April 1st. Nine analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $241.44.

Boeing Price Performance

NYSE BA opened at $178.12 on Monday. The business has a 50 day simple moving average of $196.48 and a 200 day simple moving average of $208.62. Boeing has a one year low of $176.25 and a one year high of $267.54. The stock has a market capitalization of $108.68 billion, a P/E ratio of -48.40, a P/E/G ratio of 46.93 and a beta of 1.52.

Boeing (NYSE:BA) last released its earnings results on Wednesday, January 31st. The aircraft producer reported ($0.47) EPS for the quarter, topping the consensus estimate of ($0.72) by $0.25. The business had revenue of $22.02 billion for the quarter, compared to analyst estimates of $21.14 billion. During the same period in the prior year, the business earned ($1.75) EPS. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities analysts expect that Boeing will post 0.98 earnings per share for the current year.

Hedge Funds Weigh In On Boeing

Several hedge funds have recently made changes to their positions in BA. United Bank grew its position in shares of Boeing by 4.7% in the first quarter. United Bank now owns 5,036 shares of the aircraft producer’s stock valued at $964,000 after purchasing an additional 226 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Boeing by 1,064.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 850 shares of the aircraft producer’s stock valued at $163,000 after buying an additional 777 shares during the period. Panagora Asset Management Inc. boosted its stake in Boeing by 68.0% during the first quarter. Panagora Asset Management Inc. now owns 7,111 shares of the aircraft producer’s stock valued at $1,362,000 after buying an additional 2,879 shares during the period. Prudential PLC bought a new stake in Boeing during the first quarter valued at $836,000. Finally, Dakota Wealth Management boosted its stake in Boeing by 26.7% during the first quarter. Dakota Wealth Management now owns 2,127 shares of the aircraft producer’s stock valued at $408,000 after buying an additional 448 shares during the period. 64.82% of the stock is currently owned by hedge funds and other 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.