Boeing is a high risk buying opportunity that could soar 56% from here, Citi says
Boeing shares could soar 56% from here if the company's three commercial aircraft programs maintain projected levels of profitability — though the buying opportunity is high risk, according to Citi. Analyst Charles Armitage upgraded shares of Boeing to buy/high risk from neutral, saying in a Thursday report that the outlook for the company's 737 MAX, 777X, and 787 aircraft programs would have to sour significantly to justify the current stock price. Shares are down nearly 34% this year.
" Should all three aircraft programs maintain Citi's projections for production and profitability, the analyst believes the fair value of Boeing should be $209 per share, representing roughly 56% upside from Wednesday's closing price. This is also Citi's new target price, trimmed from $219 previously. However, there are risks remaining for investors.
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