Will Boeing stock go to $224? 1 Wall Street Analyst Thinks So

it’s no secret boeing (B.A. -3.26%) Stocks have seen quite a bit of turmoil so far in 2024. S&P 500 While up about 6%, shares of the aircraft maker have fallen more than 36% since the beginning of the year.

But one analyst sees smooth sailing ahead, although not as smooth as previously thought. Analyst Jason Gursky Citigroup, lowered its price target on Boeing stock from $252 to $224 on Thursday. Based on the stock’s recent closing price of $164, Gursky’s new estimates still imply an upside of more than 36%.

An encouraging start to 2024

Boeing reported a loss per share of $1.13 on revenue of $16.6 billion, beating analysts’ forecasts for a loss of $1.65 per share on revenue of $15.2 billion. The company’s surprisingly strong performance contributed to analysts’ belief that the stock could go higher, but that wasn’t the only factor.

According to the financial news site, Gursky also forecast a target stock price based on his belief that the company will not succumb to the current headwinds and will “come out of this healthier than before.” fly.

His view is supported in part by the fact that demand for Boeing aircraft remains strong. Boeing’s backlog at the end of the first quarter totaled $528.7 billion, up 1.6% from the end of 2023.

This aerospace stock could remain grounded for now.

While Gursky’s price target is auspicious, investors considering Boeing’s position may want to stay put for now as the company continues to work to correct course on the problems it is facing with the 737’s quality issues. It’s very likely that the stock will face continued volatility in the near future, and it wouldn’t be surprising to see the stock fall again before it surges.