Aerospace giant Boeing (NYSE:BA) is nearing an order for 150 737 MAX planes from Akasa Air, an Indian budget airline. While talks remain ongoing, a final announcement could come at the Wings India event slated between January 18 to 21, according to Reuters.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
India is the fastest-growing aviation market in the world, and multiple airlines in the country are looking to expand their fleets and gain market share. Since beginning operations in 2022, Akasa has achieved a 4% market share in India. The airline has already ordered 76 737 MAX jets.
While Akasa only flies domestically at the moment, Boeing’s planes could help the airline expand to international markets. Boeing has been on a winning streak over the past few months. The company recently bagged an order for up to 100 737 MAX jets from Lufthansa (DE:LHAB) and an order for 40 737-8 jets from Avolon. In addition, Boeing revealed last week that a hardware issue on the 737 MAX related to the rudder control system had been fixed.
What is the Target Price for BA Stock?
Overall, the Street has a Strong Buy consensus rating on Boeing. Following a nearly 20% jump in the company’s share price over the past six months, the average BA price target of $277 points to a modest 10% potential upside in the stock.
Read full Disclosure