Deutsche downgrades Boeing to Hold on reduced free cash estimates

Deutsche Bank downgraded Boeing (BA) to Hold from Buy with a price target of $240, down from $255. The firm cut its free cash flow estimates through 2028 following yesterday’s earnings report by up to 56%. Deutsche’s new free cash flow forecasts are 50% below the Street on 2026, 29% below on 2027, and 4% above on 2028, the analyst tells investors in a research note. The drivers of the negative revisions are lower unit accounting margin estimates, increased advances headwinds, less favorable inventory assumptions, and higher spending.