February 24, 2024
London, UK

Here is Why Boeing (BA) is Down Today

BA Boeing

Boeing (BA) reported fourth-quarter earnings that disappointed investors and analysts. The company reported a loss due to production costs while revenue came below the forecasts. Here are the key points from Boeing’s earnings report:

Boeing’s Adjusted Earnings Per Share of ($1.75) below the expectations of $0.17. This is the second consecutive quarterly loss.

The Revenue increased by 35% at $19.98 billion, missing the Wall Street estimates of $20.22 billion.

The Commercial aeroplanes division posted a $626 million loss.

Boeing delivered 480 planes in 2022, a 41% increase from 2021.

Boeing delivered 152 airplanes in its commercial division, a growth of 50% compared to the previous year.

The company delivered 22 787 Dreamliners in Q4, compared to zero planes a year ago.

The company’s backlog of planes worth $404 billion in the end of 2022.

Cash and investments in marketable securities increased to $17.2 billion, compared to $14.3 billion at the beginning of the quarter.

Boeing Guidance

The company reiterated its guidance for $4.5 billion to $6.5 billion of operating cash flow and $3 billion to $5 billion free cash flow for 2023.

Boeing Stock

Boeing stock is trading 1.20% lower at $209.48 with a market cap of $126.34 billion. Boeing stock has a 52-week trading range between $113.02 and $223.23.

From a technical perspective BA stock hovers in the bull’s court as it trades above all the major moving averages. Initial resistance stands at 212.15 the top from yesterday’s trading session while a break above might challenge $216.64 the high from January 13.

On the other hand, first support stands at 203.11 the daily low. If sellers break that level then the next target is at $189.94 the 50-day moving average.

BA Price Target

On January 12, Credit Suisse upgraded Boeing from Underperform to Neutral and set a price target of $200. Wells Fargo reiterated BA at Overweight and raised the price target from $218 to $240, while JP Morgan raised the price target from $200 to $207 on January 11.

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