Boeing (NYSE:BA) shares are trending lower today after its supplier Spirit AeroSystems (NYSE:SPR) suspended factory production owing to an employee strike. Boeing is one of Spirit’s biggest customers.
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The workers’ strike at Spirit comes after employees being represented by the International Association of Machinists and Aerospace Workers rejected the company’s four-year contract offer. In the meantime, employees not being represented by the association will be continuing to work.
Importantly, the development comes even as Boeing continues to see robust demand for its planes. The company has bagged an order for four additional Boeing 737-8 planes from India’s Akasa Air and two Boeing 787 Dreamliners from Air Lease. Overall, its 787 model has clocked more than 250 orders and commitments in the past six months alone.
Overall, the Street has a $238.40 consensus price target on Boeing alongside a Moderate Buy consensus rating. Shares of the company have gained about 55% over the past 52 weeks.
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