Boeing (BA) PT Lowered to $230 at Stifel

Stifel analyst Bert Subin lowered the price target on Boeing (NYSE: BA) to $230.00 (from $240.00) while maintaining a Buy rating.

The analyst comments "This morning, CFO Brian West made comments at an investor conference, suggesting lower-than-expected FCF in 2Q, circa the ~($4B) outflow in 1Q, and for 2024 (now a cash usage vs. low-single-digit billions of FCF generation). This is below our and consensus expectations and, unfortunately, continues a recent track record of putting out guidance commentary and later revising that commentary lower. The change came on the back of further delivery delays (largely related to China) and a higher working capital drag with defense also not yet turning the corner. Regarding Spirit, the complexities of the deal seem to be delaying further progress, for now (though 2Q still possible to sign a deal), and Mr. West changed his tone regarding potential deal funding (i.e. equity could be used). Until a CEO hire is announced, which we think could happen this summer, we anticipate shares will remain range bound. Target price to $230."

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