RBC Capital analyst Ken Herbert lowered the firm’s price target on Boeing to $260 from $285 but keeps an Outperform rating on the shares. The company reported “strong” Q4 results with free cash flow of $3B and positive Commercial Airplane operating margins, the analyst tells investors in a research note. Boeing has also withheld 2024 guidance however, and the story for 2024 is about inventory liquidation as the FAA keeps a lid on near-term MAX production increases, though the near-term outlook for the stock has been de-risked, the firm added.
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