Boeing Delivers Three 777 Cargo Freighters to Qatar Airways

Boeing has delivered three 777 cargo freighters to Qatar Airways, marking Boeing’s 200^th 777 freighter delivery since the program began in 2005.

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The 777 is the world’s largest and most capable twin-engine cargo plane and is Boeing’s (BA) best selling freighter aircraft.

Qatar Airways Cargo now operates twenty four 777 models and is one of the leading air cargo carriers in the world, serving more than 60 freighter destinations worldwide via its hub in Doha.

Air freight is increasingly playing a pivotal role amid the COVID-19 pandemic, as newly approved vaccines will need to be transported all over the world.

The 777 Freighter’s long range translates to significant savings for Qatar Airways Cargo. It can fly 4,970 nautical miles (9,200 kms) and carry a payload of 224,900 pounds (102,010 kg), meaning fewer stops, landing fees, congestion, cargo handling costs and delivery times.

Ihssane Mounir, senior vice president of Commercial Sales and Marketing at Boeing, said, “We deeply appreciate our long-standing partnership with Qatar Airways and their confidence in the 777 Freighters as the backbone of their expansive global air cargo operations.”

He commended Qatar Airways Cargo for its efforts in providing humanitarian relief and medical goods to those in need and said he is proud that the growing fleet of 777 Freighters can support such an important cause. (See BA stock analysis on TipRanks)

RBC Capital analyst Michael Eisen reiterated his Buy rating on the stock two weeks ago and set a price target of $307. This implies upside potential of around 43% from current levels.

Eisen explained his bullish sentiment by specifically mentioning the daily increases in the 737 Max commercial plane activity since being brought back into service on December 9, 2020. The 737 Max had been grounded since 2019 following two fatal crashes that killed 346 people.

Overall, consensus among analysts is a Moderate Buy based on 8 Buys, 8 Holds and 3 Sells. The average price target of $229.06 suggests upside potential of around 7% over the next 12 months.