Boeing price target lowered to $271 from $285 at Citi

Citi lowered the firm’s price target on Boeing to $271 from $285 and keeps a Buy rating on the shares. The company’s Q3 results were broadly inline with consensus expectations and the free cash flow guidance range for 2023 remains unchanged, the analyst tells investors in a research note. While Boeing’s targets for 2025 and 2026 also remain unchanged, the path to achieve them appears steeper than previous expectations given continued problems with a litany of defense programs and supplier execution issues on the commercial side of the business, the analyst tells investors in a research note. Citi continues to believe there is a path to $10B-plus of free cash flow, but says it appears it is more of a 2026 story at this point with all that’s on the company’s plate.