Oct 21, 2024 6:59 PM - Davit Kirakosyan(Last modified: Oct 22, 2024 12:55 AM)
Image credit: FMP
Baird maintained its optimistic view on Boeing (NYSE:BA), keeping an Outperform rating with a price target of $240, as the aerospace giant navigates significant events in the coming days. As a result, shares of the company gained more than 3% intra-day today.
Boeing and the International Association of Machinists (IAM) 751 union reached a tentative contract agreement, with a crucial vote set for Wednesday. This vote could bring an end to the month-long strike that has affected operations.
On the same day, Boeing is also scheduled to release its third-quarter financial results. The company expects to report revenue of $17.8 billion, demonstrating resilience in its core business despite facing challenges. However, Boeing is forecasting a substantial GAAP loss per share of ($9.97) and negative operating cash flow of ($1.3) billion, highlighting the financial strain it has faced due to the strike and broader market pressures.
Baird’s analyst underscored the importance of these upcoming developments for Boeing, noting that the union contract vote could be a turning point in resolving labor disputes. Meanwhile, investors are keenly awaiting Boeing’s financial results to assess the company’s performance in the face of ongoing challenges.
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