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Home Economie

Wells Fargo sees a 20% upside

by souhaib
November 17, 2021
in Economie
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Boeing Co (NYSE: BA) touched a high of about $270 in March, but then down it went again to $206 in late October. According to Wells Fargo, however, the stock is about to take off again, with the next stop just above its year-to-date high.  

Matthew Akers upgraded Boeing to ‘overweight’

In a note on Wednesday, Wells Fargo’s Matthew Akers upgraded Boeing to “overweight” with a price target of $272 that represents a 20% upside from here. Previously, the analyst had a PT of $224 on the stock.


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The bullish call is based on “positive risk/reward”, with the stock underperforming the benchmark by 30% since March.

Several catalysts, including resumption of 787 deliveries, recertification of 737 MAX in China, higher fuel costs, and easing international travel restrictions, as per Akers, makes a jump in Boeing a matter of “when” and not “if”.

Joe Terranova: the technical setup is also pointing up

Virtus Investment Partners’ Joe Terranova agreed with the bullish call on CNBC’s “Halftime Report”. Unlike Akers, however, who was focused more on fundamentals, he said the technical setup in Boeing was also indicating an imminent move up.

This is about the opportunity that the technicals are providing. Over the last four months, you’ve had a series of attempts to break Boeing below $200, but it’s found support there all three times. What I’d look at for a confirmation of a technical break out would be above $240. If it clears that, it’ll trade towards $300.

Among other Boeing “bulls” is Sand Hill’s Brenda Vingiello, who added to her position a day earlier. In late October, Boeing reported a wider-than-expected loss for its fiscal third quarter. At the time, however, CEO David Calhoun said he was optimistic for 2022.

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