Wells Fargo downgraded Boeing to Equal Weight from Overweight with a price target of $225, down from $280. With the FAA taking a closer look into Boeing’s production, the risk of a delivery impact increases significantly, the analyst tells investors in a research note. The firm does not see enough potential share upside to justify this risk and thus downgrades Boeing. The FAA audit “opens up a whole new can of worms,” contends Wells.
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