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.
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.
