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Boeing Spacecraft Lands Back on Earth; Stock Takes Off

Story Highlights

Boeing stock jumped 4.7% on Thursday after its Starliner spacecraft successfully completed the OFT-2 mission.

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Boeing Co.’s (NYSE: BA) Starliner spacecraft successfully completed a test flight and landed in New Mexico on May 25. Following the news, BA stock rose 4.7% to close at $127.73 on Thursday.

The landing marked the conclusion of the company’s six-day Orbital Flight Test 2 (OFT-2 mission) in which the spacecraft successfully reached the International Space Station (ISS) and docked.

The aerospace company has developed the Starliner spacecraft as part of NASA’s Commercial Crew program. So far, it has bagged contracts worth around $5 billion to build the capsule.

Boeing is now expected to conduct the Crew Flight Test (CFT) of its Starliner spacecraft.

Price Target

Based on 15 Buys and four Holds, the stock has a Strong Buy consensus rating. BA’s average price target of $221.88 implies 73.7% upside potential from current levels. Shares have lost 49.1% over the past year.

Bloggers on TipRanks

TipRanks data shows that financial bloggers are 75% Bullish on BA, compared to the sector average of 67%.

Conclusion

The completion of the OFT-2 mission is a major achievement for the company. Boeing has been trying to reach space since 2019, but it faced several obstacles and delays. The delays have cost the Chicago-based company an additional $595 million so far.

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