Boeing shares slumped nearly 7 percent, to a 30-month low, today after a Goldman Sachs analyst reduced his rating on the stock from "neutral"...
Boeing shares slumped nearly 7 percent, to a 30-month low, today after a Goldman Sachs analyst reduced his rating on the stock from “neutral” to “sell.”
Boeing closed down $5.15, or 6.9 percent, at $69.64.
Analyst Richard Safran cited high oil prices and a weakening economy in his report, which set a $60 target for Boeing stock over the next 12 months, according to Bloomberg News.
“We believe there is more risk to the 787 program than is currently priced in as the program has yet to even enter flight test, where historically most issues on development aircraft are found,” Safran wrote.
Most Read Business Stories
- 1 house, 45 offers: Homebuyers in Western Washington hard-pressed as supply remains scarce
- 55,000 in Washington state may have to pay back thousands in jobless benefits
- Boeing made an entire fake neighborhood to hide its bombers from potential WWII airstrikes
- Seattle artists worry potential sale of historic INS building could spell the end for their studios
- Frontier cancels flight, citing maskless passengers
The last time Boeing shares traded below $70 was in January 2006. The stock hit a 52-week high of $107.83 on July 25.