Boeing stock gains as ‘slow drip internal water torture’ is nearing an end, analyst says

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Shares of Boeing Co. rose 0.9% toward a two-month high in premarket trading Friday, after Benchmark analyst Josh Sullivan cut his price target on the aerospace and defense giant but said the “slow drip internal water torture” investors have endured for years is nearing an end. Sullivan lowered his stock price target by 20% to $200, amid concerns over the economic outlook, re-certification of 737 planes in China and 777x development times, but he reiterated his buy rating as the new target still implies about 26% upside from Thursday’s closing price of $147.15. “[T]he multi-year water torture of internal supply side negative…

This article was originally published by Marketwatch.com. Read the original article here.

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