Boeing price target lowered to $209 from $224 at Citi

Citi analyst Jason Gursky lowered the firm’s price target on Boeing to $209 from $224 and keeps a Buy rating on the shares. The company late Friday preannounced Q3 results with revenue a bit better than Citi’s estimate, cash flow significantly better, and earnings materially worse on charges related to several programs across both commercial and defense, the analyst tells investors in a research note. The firm says that importantly, Boeing also announced a 10% headcount reduction and what it believes “is the beginning of a long pruning process – of products, programs, and businesses – as it looks to streamline and become more manageable.” Citi increased near-term cash flow estimates but trimmed both 2025 and 2026 numbers given the Q3 charges, which it says are likely to dampen cash flow in the years ahead. The target dropped on the lower estimates.