Argus sees value in Boeing after selloff, upgrades shares to Buy

Argus analyst John Eade upgraded Boeing to Buy from Hold with a $220 price target. The shares have underperformed over the past quarter, declining 45% compared to a 23% drop by the S&P 500, Eade tells investors in a research note. However, given the company’s production developments as well as the value now present after the sharp stock price decline, a Buy rating is warranted, says the analyst. Eade believes Boeing still has “superior” long-term prospects due to its “significant backlog and strong presence in the growing commercial aerospace industry.”