Argus downgrades Boeing to Hold, says ‘business is suffering’

Argus analyst John Eade downgraded Boeing to Hold from Buy without a price target. The shares have fallen 35% this year due to new problems with the Max airplane that have ultimately led to the replacement of the board chairman and early retirement of the CEO, the analyst tells investors in a research note. The firm says the “business is suffering.” Boeing faces numerous near-term challenges, both external from inflation and the supply chain, and internal from aircraft issues, including a recent incident in which a door plug flew off a Boeing jet in midair, notes Argus. It believes the shake-up in the executive suite will push Boeing’s potential turnaround “multiple quarters into the future.”