Boeing price target lowered to $215 from $225 at RBC Capital

RBC Capital analyst Ken Herbert lowered the firm’s price target on Boeing (BA) to $215 from $225 but keeps an Outperform rating on the shares. The firm is cutting its FY24 EPS view to (44c) from (34c) and its FY25 view to $6.30 from $6.68 on expectation of fewer 2024 and 2025 MAX deliveries, and also notes that while GE‘s (GE) Larry Culp is the clear favorite candidate from investors, he is not giving any indication yet that he is ready to leave GE, the analyst tells investors in a research note. RBC added that it expects the stock to be range bound until there is better visibility on the upcoming management changes, but also believes that the set up could be very constructive for the next CEO.