The Boeing Company (NYSE:BA) experienced a slight drop in its share price, but analysts remain optimistic about its future. During the last trading session, 3.6 million shares of Boeing were traded, with the company’s beta touching 1.44. The per share price stood at $205.12, reflecting a decline of -$2.99 or -1.44% compared to the previous session. Despite the drop, Boeing’s market valuation remained strong at $124.29B. However, the stock was traded at a discount of -18.52% off its 52-week high of $243.10, while its 52-week low was $120.99.
Analysts have given Boeing a consensus recommendation rating of Overweight, with a mean rating of 2.00. Out of the 27 analysts, 3 assigned the stock an Overweight rating, while 9 recommended it as a Hold and 15 rated it as a Buy. None of the analysts rated the stock as a Sell. The company’s EPS for the current quarter is expected to be -$1.17.
Despite the recent decline, Boeing’s performance over the past six months has been relatively strong compared to its industry peers. The company’s share value has increased by 2.02% during this period, demonstrating an annual growth rate of 74.41%, which is significantly higher than the industry average of 8.00%. Analysts have also upgraded their fiscal year 2023 revenue estimates for Boeing, predicting an 81.10% increase in revenue for the current quarter and a 117.10% growth for the next quarter. Furthermore, year-over-year growth is forecasted to reach 18.40% compared to the previous financial year.
Wall Street analysts have assigned a consensus price target of $259.00 for Boeing’s stock, indicating a potential upside of 20.8% from its current market value. The target low is estimated at $210.00, while the target high is projected at $310.00. To reach the high target, the stock would need to decrease by -51.13%, while it would need to increase by -2.38% to reach the low target.
The Boeing Company’s major shareholders include insiders who hold 0.09% of the shares, while institutional holders hold 61.12%. Among institutional shareholders, Vanguard Group Inc is the top holder, owning 7.85% of the shares. Blackrock Inc. holds the second largest percentage at 6.12%. The top two mutual funds holding the stock are Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund.
In conclusion, despite the recent drop in share price, analysts remain optimistic about The Boeing Company’s future. The company’s strong market valuation, potential for growth, and positive earnings projections contribute to their bullish outlook.
