Boeing downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital analyst Ken Herbert downgraded Boeing to Sector Perform from Outperform with an unchanged price target of $225. The analyst says ongoing supply chain execution challenges will cap any upside to deliveries in the near term and will impact investor sentiment. RBC does not see downside to Boeing’s MAX delivery guidance for 2023, but adds that "inconsistent production levels" will prevent the shares from getting full credit for the expected free cash flow upside for 2025 and 2026.