Stifel Reiterates Buy Rating on Boeing (BA)

Stifel analyst Bert Subin reiterated a Buy rating and $235.00 price target on Boeing (NYSE: BA).

The analyst comments "Boeing reported July deliveries relatively in line with expectations as management provided a sneak peek of monthly deliveries during its earnings call. In the month, Boeing delivered 43 total aircraft which included 31 737 MAXs, 1 737-800A, 2 767Fs, 2 Tankers, 1 777F and 6 787s. Boeing has stabilized deliveries in the last two months, aided by deploying inventory earmarked to China/India and modest production improvement. Production is expected to improve sequentially between July and year-end with the ability to grow into the third 737 production line in Renton, plus inventory will be steadily drawn down in coming months. 737s declined 3 vs. June but 787s stepped up 3, and we would expect 737s to be on better footing heading into fall, assuming no disruption from IAM negotiations. Notably, Boeing also finalized a ~$10B order with Poland for Apaches, potentially setting BDS up for better days later in the decade."

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Shares of Boeing closed at $164.13 yesterday.

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