BofA lowered the firm’s price target on Boeing (BA) to $250 from $300 and keeps a Buy rating on the shares. While demand “remains stronger than ever,” the firm admits that it previously did not fully appreciate the elongated effect of quality issues at underperforming suppliers like Spirit AeroSystems (SPR) and now thinks Boeing will be held back from achieving its 400-450 delivery target for the 737. The firm, which expects production to move above 40 units per month in 2024, is lowering its price target on Boeing shares mainly to reflect lower than expected free cash flow levels and market de-rating.
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