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HPC Market Watch

June 25, 2012 at 08:47 AM EDT
Oppenheimer Upgrades Boeing to “Outperform”; Dreamliner Program Has Legs (BA)

Aircraft maker The Boeing Company (BA) on Monday caught a big upgrade from analysts at Oppenheimer & Co.

The firm boosted its rating on BA from “Perform” to “Outperform” with a $90 price target, suggesting a 25% upside to the stock’s Friday closing price of $71.96.

AN Oppenheimer analyst commented, “We believe macro-economic jitters and a recent slowdown in new commercial aircraft orders have caused investors to under-appreciate mounting evidence that the 787 program has finally begun to find its footing. As Boeing’s most important multi-year growth driver and the program arguably least vulnerable to immediate macroeconomic pressures, the 787 has the potential to buoy Boeing’s fundamentals and stock performance even under a scenario of spotty global economic growth. Moreover, while the 787′s revenue growth and cash flow story is likely to unfold over an extended period, we see July’s Farnborough Airshow serving as a near-term catalyst.”

Boeing shares were mostly flat in premarket trading Monday.

The Bottom Line
Shares of Boeing (BA) have a 2.45% dividend yield, based on Friday’s closing stock price of $71.96. The stock has technical support in the $65-$67 price area. If the shares can firm up, we see overhead resistance around the $75 price level.

The Boeing Company (BA) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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