Bernstein cuts Boeing to Market Perform, skeptical it can outperform

As previously reported, Bernstein analyst Douglas Harned downgraded Boeing (BA) to Market Perform from Outperform with a price target of $169, down from $195. The stock should eventually recover to its long-held industry position, but the firm is now “more skeptical” on when it will happen, and following the company’s Q3 results, it is lacking in confidence that Boeing shares can outperform the market in the next 12 months, the analyst tells investors in a research note, adding that its case was not helped by the IAM union decision to remain on strike. The new CEO Kelly Ortberg described the need for cultural change, stabilization of business, and execution, but, there is a long way to go, and he cannot do it alone, Bernstein added.