Boeing (BA) has invested $450 million in Wisk. The investment reinforces the aerospace giant’s push to accelerate the development of pilotless flying taxis.
Boeing is an aerospace company that designs, manufactures, and sells airplanes, rockets, satellites, and launch systems. Boeing’s upcoming earnings report for Q4 2021 is scheduled for January 26, 2022.
Boeing’s Investment in Wisk
The investment makes Wisk one of the best-funded Advanced Air Mobility (AAM) companies in the world. The $450 million investment should enhance the development of Wisk’s sixth-generation electric vertical takeoff and landing (eVTOL) aircraft. The aircraft is billed as the first-ever candidate for certification as an autonomous all-electric passenger-carrying aircraft.
Wisk plans to operate the industry’s first fleet of AAM eVTOL aircraft once it secures regulatory approval. The company, owned by Boeing and Kitty Hawk, envisions close to 14 million annual flights across 20 cities within five years.
Boeing’s investment in Wisk affirms its commitment to partnerships that have the potential to expand its footprint into new technologies and sectors.
Last week, Cowen & Co. analyst Cai Rumohr reiterated a Buy rating on Boeing stock and raised the price target to $265 from $250, implying 29.77% upside potential to current levels.
Consensus among analysts is a Strong Buy based on 13 Buys and 4 Holds. The average Boeing price target of 267.33 implies 30.92% upside potential to current levels.
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