Boeing $BA has a problem that can't just be overlooked - over the past three years the stock has gone nowhere, while the S&P 500 has grown 80%.
Bernstein SocGen has now cut its price target from $298 to $278 while maintaining an Outperform rating. The reason is lower delivery estimates for 2026 and 2027. The production ramp-up is taking longer than expected.
The analyst also lowered pricing assumptions for the 737 because Boeing has to pay customers compensation for delays. For the 787, he raised them.
Positive news came from Baird. Boeing delivered about 56 aircraft in September, so for Q3 it's around 160 units.
I have Boeing on my watchlist and I'm mainly watching one thing: whether deliveries finally stabilize. Demand for aircraft is huge, but Boeing still can't turn it into results. Until that changes, the stock will just stay put.