It was not exactly a great 2022 for aircraft maker Boeing (NYSE:BA). Trouble followed the company all throughout its product line and its standing in the market. However, there were a few bright spots, and Boeing closed out 2022 with a bang, leading to a nice bump in share prices in Tuesday’s trading.
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Good news for Boeing emerged from Robert W. Baird analyst Peter Arment, who not only hiked his price target but also declared the company to be a “top pick” for 2023. Arment upped his price target from $210 to $250, thanks to a major jump in deliveries in December. Arment suggested that Boeing delivered 68 jets in December alone, with the quarterly total hitting 151 jets, roughly 10% over what analysts expected.
It’s not just jets, either; the Egyptian government put in an order for 12 CH-47F model Chinook helicopters for the Egyptian Air Force. That was a contract worth a reported $426 million, all told. Moreover, Egypt could purchase another 11 Chinooks on top of that later. The sale was part of a larger initiative that Egypt is taking to replace its D-class Chinooks with F-class, giving Egypt more “heavy-lift” support.
Analysts, by and large, agree with Arment’s assessment. Analyst consensus currently calls Boeing a Moderate Buy, with 6.78% upside potential thanks to its average price target of $208.43 per share.
