Jefferies reiterated a Buy rating and $220 price target on Boeing (BA) after the company was downselected for Next Generation Air Dominance’s F-47. The move follows over four years of secretive flight testing of the Boeing and Lockheed Martin (LMT) bids, the analyst tells investors in a research note. The firm added that, assuming $4B/year of future revenue at roughly 5% margins, future earnings per share contribution from the downselection could be 25c, worth $5 per share at 20x, in line with the session’s move.
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