Boeing’s August deliveries ‘in line’ with expectations, says Stifel

Stifel notes Boeing delivered 40 aircraft in August, including 32 MAXs, 1 767F, 3 777s and 4 787s. This is a step down from 43 in July but up five aircraft year-over-year as Boeing has increased deliveries to China and India, the firm notes. Results were in line with Stifel’s expectations as August is a historically softer month and amid some modest expected productivity headwinds nearing contract renegotiations with IAM. Widebody deliveries were slightly disappointing given Boeing still needs to unwind its inventory of 787s and that’s progressing somewhat slowly, the firm adds. Overall, Stifel didn’t see much as incremental and continues to await improvement on the road to resuming higher production levels on the MAX and 787. The firm has a Buy rating on the shares with a price target of $235.