Boeing price target lowered to $109 from $110 at Wells Fargo

Wells Fargo lowered the firm’s price target on Boeing to $109 from $110 and keeps an Underweight rating on the shares. In Boeing’s pre-announced Q3 results, the biggest surprise to the firm was cash, which came in $2B-$3B better than it had modeled. This eases near-term cash pressure, but Wells still thinks an equity raise is needed in Q4.