There was actually quite a bit of news for aerospace stock Boeing (BA) today, though little of it would likely move investors one way or another by itself. Boeing’s new CEO, Kelly Ortberg, headed out to check on Indian facilities, and it took on the government on a couple fronts. This was enough for investors to give a nod, and sent shares up fractionally in Wednesday afternoon’s trading.
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Ortberg headed out to Hyderabad and Bengaluru, noted a report from The Hindu, to check out facilities there and also take a meeting with Noel Tata, current chairman of Tata Trusts. Ortberg will also be having some meetings with government officials as part of a three-day trip. Among other things Boeing produces in India are AH-64 Apache helicopter fuselages and composite assemblies for the 787 Dreamliner, the 777X line, and the 737 Max.
Further, Boeing delivered what may have been the last 777-300ER, noted a report from The Air Current. The plane, representative of “…the best-selling widebody aircraft of all time,” first flew almost five years ago and recently spent time sitting in the California desert, the report noted. But it still represents the end of “…a year of extraordinary strategic tumult” for Boeing as a whole.
Tackling the Government
For anyone thinking that Boeing will have things its own way when the Trump administration swings in in a matter of days, that likely will not be so. U.S. News and World Report noted that Sean Duffy, Trump’s nominee for Transportation Secretary, said Boeing needed “tough love” to recover from that aforementioned year of tumult. It was also vital to “…make sure they’re implementing their safety plan.”
Finally, Aviation Week noted that Boeing plans to start up tests on the 777X line in a bid to land certification. This is after the craft was grounded for five months after the “…failure of engine thrust leaks.” But Boeing is ready to try again, and reports suggest that today was actually the earliest to expect the flight to go forward. The results of that flight should be interesting, when they finally emerge.
Is Boeing a Good Stock to Buy Right Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on BA stock based on 15 Buys, five Holds and one Sell assigned in the past three months, as indicated by the graphic below. After a 16.62% loss in its share price over the past year, the average BA price target of $196.21 per share implies 17.43% upside potential.
