Boeing price target lowered to $255 from $275 at BofA

BofA lowered the firm’s price target on Boeing to $255 from $275 and keeps a Buy rating on the shares, citing increased near-term risks and “waning investor appetite” as increased FAA scrutiny into Boeing’s quality control processes, an increased number of inspections, and the implementation of recommendations by an outside party to Boeing’s quality program “could further pressure the pace of production increases.” While management credibility and capability are in question after the MAX 9 issue, the firm believes Boeing has been “making steady, if not slow, progress” in addressing some of the internal shortfalls that led to its current situation.