Boeing price target lowered to $285 from $295 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Boeing to $285 from $295 and keeps a Buy rating on the shares. The company reported Q4 results above estimates, beat on EBIT at all three segments, set a $4.5B floor on 2024 free cash flow, confirmed that the FAA-mandated 737 production rate cap was 38 per month, and gave an implied path to get to 500-550 737 deliveries in 2024, the analyst tells investors in a research note. The firm says Boeing “gave the bulls nearly everything they had wanted” for the Q4 print and call when the stock was at $260, with the key difference being that the stock entered the event at $200 instead. If deliveries continue to improve, and there’s no major negative news out of the FAA hearing next week, then Deutsche sees a realistic path for the stock to get back into the $230-$240 range over the next few months.