The recertification of Boeing’s 737 MAX passenger aircraft is inching closer as 4 civil aviation authorities are scheduled to jointly review the proposed training for the troubled jet’s crews in London on Monday, Reuters reported. According to a US Federal Aviation Administration (FAA) statement, the Joint Operations Evaluation Board includes civil aviation authorities of the US, Canada, Brazil, and the EU, Reuters said.
Boeing’s (BA) 737 MAX planes have been grounded since mid-March 2019 following two fatal crashes within six months which took 346 lives. Last Friday, the EU stated that it has completed its flight tests for MAX jets in Vancouver. Earlier in late August, Canada announced the completion of independent flight tests.
On September 10, Susquehanna analyst Charles Minervino said that he did not expect Boeing to achieve its previous aircraft delivery estimates given the delay in MAX recertification and continued challenges from the COVID-19 pandemic. Still, Minervino reiterated his Buy rating on the stock with a price target of $210 (31.1% upside potential). (See BA stock analysis on TipRanks).
Currently, the rest of the Street is sidelined on the stock. The Hold analyst consensus is based on 8 Holds, 7 Buys, and 3 Sells. With shares down nearly 51% year-to-date, the average analyst price target of $186.24 implies upside potential of 16.2% from current levels.
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