After a hiatus of nearly 3 years, Boeing’s (NYSE:BA) 737 MAX model has again soared in the Chinese skies this year.
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The model was grounded in the country in 2019 after two fatal crashes in 2018 and 2019. The flight operated by Southern China Airlines flew from Guangzhou to Zhengzhou, reports Flightradar24.
The two crashes in Ethiopia and Indonesia were due to a faulty flight handling system. In the United States, the model was cleared for flying again only by the end of 2020 after changes in the flight control software and training for pilots were implemented.
Boeing’s share price is yet to fully recover from the massive drop in October 2020 when its shares crashed from $345 to around $97. Since then though, shares of the company have clawed back to the present $215 level and have gained about 15% in the past month alone.
At present, analysts remain cautiously optimistic about the stock with a Moderate Buy consensus rating alongside an average price target of $218.77. This indicates BA shares are fairly priced at current levels.
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