24/7 Wall St. pointed out in 2013 that Boeing looked as though it was on its way to becoming the most important stock in the Dow. That has been the case and then some, and its high stock price against a price-weighted index makes that even more of the case looking ahead.
On Thursday came word that Canaccord Genuity was reiterating its Buy rating on Boeing, while lifting the price target for the stock to $160. Sterne Agee’s price target is all the way up at $175, although this was not a formal year-end price target. The Thomson Reuters consensus estimate is about $153.25.
The ongoing 737 business has been great, and the 787 Dreamliner launch seems to have wrung out many of the kinks in the line. Problems can always arise with new airplanes, and sometimes those woes can last for an extended time. The biggest driver was a backlog of some $415 billion as of the end of the third quarter of 2013. Things might even be stable in the defense sector for Boeing.
When 24/7 Wall St. issued its 2014 bull and bear outlook for Boeing, it looked more bullish than bearish. Before the broad market sell-off on Thursday, Boeing shares hit an all-time high of $144.57. Boeing shares were up almost 6%, versus a 1% drop in the Dow Jones Industrial Average so far in 2014.
Boeing shares were down 1.3% at $142.52 in low volume trading in the middle of the trading day on Thursday.