Boeing stock ‘lagging’ the S&P, gets upgrade to buy from Wells Fargo


Analysts at Wells Fargo raised their rating on Boeing Co. BA, +0.36% stock to the equivalent of buy, saying in a note Wednesday they see “a positive risk/reward balance with the stock lagging the S&P 500 by (about) 30% since its March high.” Boeing stock likely benefits from China re-certificating the 337 Max, resumption of 787 deliveries, higher fuel prices driving more aircraft retirements, and easing international travel restrictions, the analysts said. Moreover, there’s “limited downside” as Boeing is less susceptible to supply-chain disruptions given a large inventory of completed aircraft, they said. “(Boeing) is most levered to the post-COVID recovery among our coverage, and should outperform as air travel continues to normalize,” they said. Shares of Boeing have gained nearly 6% this year, compared with gains of around 25% for the S&P 500 index. SPX, -0.26%

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