Boeing’s stock rallies after UBS turns bullish, adds over 100 points to Dow’s price
Shares of Boeing Co. BA, +4.31% powered up 4.5% in afternoon trade Thursday, bouncing after a month-to-date drop of 6.9%, after UBS analyst Myles Walton upgraded the aerospace and defense giant, saying recent concerns over supplier issues and a trade war with China has created "attractive buying opportunities." Walton raised his rating to buy from neutral, and boosted his stock price target to $515, which is 49% above current levels, from $357. "We believe [Boeing] shares carry the best upside in the sector with much of the cash growth and margin expansion story set to be unlocked…," Walton wrote in a note to clients. "Our proprietary fleet intentions survey and our [Department of Defense] program manager, along with our defense revenue teardown and interactive company model done in conjunction with the UBS Evidence Lab all support our positive bias." The stock’s price gain of $14.83 added about 101 points to the Dow Jones Industrial Average’s DJIA, +1.67% price, which was up 421 points.
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