Boeing price target raised to $200 from $190 at TD Cowen

TD Cowen raised the firm’s price target on Boeing (BA) to $200 from $190 and keeps a Buy rating on the shares following a transfer of coverage. The shares are down 31% year-to-date, reflecting an “especially tough year” that featured an accident on January 5 that resulted in major operational changes and intensified Federal Aviation Administration oversight, a 53 day strike, CEO change, equity raise, $15B cash burn, and ongoing supply chain delays, the analyst tells investors in a research note. TD says that while there are “many unknowables,” the direction and magnitude of Boeing’s free cash flow growth potential “is dramatic.” History shows that when Boeing’s shares start to “work”, it can overshoot to the upside as investors reposition into the long cycle bellwether, contends TD.