Boeing price target lowered to $240 from $250 at UBS

UBS analyst Gavin Parsons lowered the firm’s price target on Boeing to $240 from $250 and keeps a Buy rating on the shares. Boeing guided flattish deliveries in Q2 vs. Q1, reflecting a China delivery pause and 787 rework, but to achieve that, June needs to essentially match April and May combined, though it is off to a good start so far, the analyst tells investors in a research note. UBS thinks Boeing can deliver 400 MAXs in 2024, down from the prior estimate of 425, and 70 787s, down from the prior estimate of 85, and thinks a swing to a large positive second half free cash flow is doable.