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Boeing Company (NYSE:BA) shares are trading lower Friday after 33,000 Boeing factory workers went on strike just after midnight.
The Details:
Aircraft assembly workers walked off the job early Friday morning after rejecting a contract offer presented by Boeing and the International Association of Machinists and Aerospace Workers (IAM) that would have increased wages by 25% over four years.
"We strike at midnight," declared IAM District 751 President Jon Holden during a press conference. He described the action as an "unfair labor practice strike," citing issues such as "discriminatory conduct, coercive questioning, unlawful surveillance, and unlawful promise of benefits."
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The strike could be expensive for Boeing, depending on the length of the work stoppage, and adds more challenges for the company as new CEO Kelly Ortberg attempts to recover from recent production delays and quality control issues. Jefferies aerospace analyst Sheila Kahyaoglu estimated a 30-day strike could cost the struggling aerospace giant $1.5 billion.
Boeing faces reduced production capacity amid ongoing scrutiny from regulators and on Tuesday Boeing informed suppliers of a six-month delay in reaching a key production milestone for its 737 MAX. The new target is to achieve a monthly output of 42 jets by March 2025, instead of the previous goal of September.
When trying to assess whether or not Boeing will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $205.67 on Boeing. The Street high target is currently at $235 and the Street low target is $119. Of all the analysts covering Boeing, 6 have positive ratings, 2 have neutral ratings and one has a negative rating.
In the last month, 2 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Boeing have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Boeing is 35.35% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Boeing, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
BA Price Action: According to Benzinga Pro, Boeing shares are down 2.07% at $159.40 at the time of publication Friday.
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Posted In: BA
