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21.10.2019 15:23:50

Boeing's stock sinks after UBS backs away from bullish stance, slashes price target

Shares of Boeing Co. sank 3.1% in premarket trading Monday, after UBS backed away from its 14-month-long bullish stance on the aerospace giant, citing recent reports over the company's role in disclosing safety concerns regarding the 737 Max planes. Analyst Myles Walton cut his rating to neutral, after being at buy since August 2018, and slashed his price target to $375 from $470. "Our working thesis has been that the failures on the 737MAX development by the company centered on fault intolerant design compounded by poor assumptions of pilot response," Walton wrote in a note to clients. "We now have to append that assessment further based on source material provided to Congress and the FAA on Friday that reinforces the perception of and heightens the potential of incomplete disclosure, which inherently puts more money/trust & time at stake." Boeing's stock had tumbled 6.8% on Friday after Reuters reported the company may have misled federal authorities about the safety of the 737 Max, which has been grounded since March following two deadly crashes. The Wall Street Journal reported over the weekend that employees felt pressure regarding safety approvals. The stock has shed 8.8% over the past three months through Friday, while the Dow Jones Industrial Average has slipped 1.4%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Basiswert Valor Fälligkeitstag Maximale Rendite p.a.
Credit Suisse / UBS 48130427 12.01.2021 8.00 %
Credit Suisse / UBS 49783436 16.12.2020 7.44 %
Credit Suisse / UBS 47335230 07.09.2020 5.99 %

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