UBS initiated coverage of Boeing with a Buy rating and $275 price target. The analyst notes that the fundamental demand backdrop for aircraft is strong, stating that the 20% pullback in the stock over the past two months prices in a significant amount of near-term supply chain risk. UBS adds that Boeing stock tracks free cash flow, which the firm expects to compound at 36% from 2023-2027, and it sees multiple drivers for UBS’s above-consensus $11B 2025 estimate for free cash flow despite supply chain lumpiness.
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