It’s been a bad few years for Boeing (NYSE:BA). Plane crashes, plane delivery problems, and then the whole COVID-19 thing and its impact on travel…just a string of disasters. Now, things are starting to turn around for the aircraft maker, and Boeing is looking to make one big comeback. It’s already got plans to perk up at least one line, and investors are providing somewhat skeptical support. Boeing is up, but fractionally, in Tuesday afternoon’s trading.
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The first step forward came when a Reuters report emerged noting that Boeing planned to ramp up production on the 737 Max jet. By 2025, Boeing plans to produce 52 of these jets a month. Boeing is fighting to get back into pre-COVID levels of production, and the move to produce those jets is part of that. Already, Boeing is on track to reach 38 a month starting in June. January 2024 should see 42 a month, and June 2024 should hit 47 a month.
Such plans are worthwhile, but Boeing’s delivery patterns are already on the rise. March saw the second-highest monthly total that Boeing had seen in the last four years. That goes back to even pre-pandemic times and includes numbers for Max and Dreamliner craft. All told, Boeing put 64 commercial aircraft in airlines’ hands, including 52 737 Max craft. Boeing is able to produce at that level because it’s modifying previously-stored aircraft along with building new ones.
Analysts, meanwhile, are pretty happy with Boeing’s flight path back to success. Currently, analyst consensus calls Boeing stock a Moderate Buy, with 11 Buy recommendations alongside five Holds and one Sell. Further, it boasts 9.05% upside potential thanks to its $231.82 average price target.
