BofA analyst Ronald Epstein upgraded Boeing (BA) to Buy from Neutral with a “Street high” price target of $260, up from $185, with Boeing aircraft having emerged as the favored trade tool for the Trump Administration in recent trade deals. The firm views those recent deals struck in the UK, Qatar, UAE and China as setting a precedent for future global trade negotiations, to Boeing’s benefit. While Boeing’s backlog “hasn’t been the lynch pin to our valuation,” the firm does see the progress in stabilizing production, carve-outs alleviating free cash flow burn, and a renewed focus across the portfolio all performing in concert with the “favored trade mechanism” status creating a buying opportunity, the analyst tells investors.
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