Canaccord Genuity Reiterates a Hold Rating on BoeingBy Jason Carr
In a report released yesterday, Kenneth Herbert from Canaccord Genuity reiterated a Hold rating on Boeing (NYSE: BA), with a price target of $162. The company’s shares closed yesterday at $178.19, close to its 52-week high of $185.71.
According to TipRanks.com, Herbert is a 4-star analyst with an average return of 7.2% and a 54.6% success rate. Herbert covers the Industrial Goods sector, focusing on stocks such as Transdigm Group Inc, CPI Aerostructures, and Spirit AeroSystems.
Currently, the analyst consensus on Boeing is Moderate Buy and the average price target is $176.57, representing a -0.9% downside.
In a report issued on March 13, Morgan Stanley also downgraded the stock to Hold with a $190 price target.
Based on Boeing’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $23.29 billion and quarterly net profit of $1.63 billion. In comparison, last year the company earned revenue of $23.57 billion and had a net profit of $1.03 billion.
Based on the recent corporate insider activity of 98 insiders, corporate insider sentiment is negative on the stock. Last month, Michael Luttig, the EVP & GC of BA sold 102,080 shares for a total of $17,022,477.
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