Boeing shares upgraded at Credit Suisse on improved execution

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By Senad Karaahmetovic

Credit Suisse analysts upgraded Boeing (NYSE:BA) shares to Neutral from Underperform with a $200 per share price target (up from the prior $121). The key driver behind the upgrade is improved operational performance, as evidenced by stronger aircraft deliveries.

The broker no longer sees the opportunity for downward estimate revisions, instead, it is now looking for an upside opportunity.

“We see upside for Q4 FCF (CSe $3.0b vs. Street $2.5b). Additionally, recent strong order activity helps defend out-year estimates and improves overall macro resilience. Finally, China’s lifting of a ban on Australian coal imports may suggest increased policy flexibility, which may suggest higher probability of BA regaining market access,” the analysts said in a client note.

On why not double upgrading BA stock to Outperform, the analysts listed 4 reasons:

1) Valuation,

2) Supply chain risks,

3) Continued risk at BDS (Boeing Defense, Space & Security), and

4) Positioning, which appears increasingly crowded.

Boeing stock is up over 70% since the beginning of October.