Boeing (NYSE:BA) is reportedly planning to hire about 10,000 employees this year, particularly in its business units, including engineering and manufacturing. The airplane maker aims to stabilize its operations and increase production to meet the growing demand for 737 MAX aircraft.
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On the other hand, the company will cut some jobs within support functions to better align resources meant for products and technology development.
The news comes days after Boeing reported poor fourth-quarter results. Nevertheless, the company disclosed a $27 million annual increase in the full-year order backlog to $404 billion. As of December 31, 2022, the commercial airplane backlog stood at 4,578 jets.
Is BA a Buy?
Strong order backlog and expectations of strong cashflows in 2023 are likely to support Boeing’s performance in the near term. Interestingly, Wall Street is currently optimistic about the stock.
BA stock has a Strong Buy consensus rating based on 12 Buys and four Holds. The average price target of $229.73 implies 8.8% upside potential.