Airplane maker Boeing (BA) - Get Report has received a bold and counterintuitive upgrade from analysts at Goldman Sachs amid what the investment bank sees as a stock price that has few places to go but up - and a post-coronavirus world where travel by flight is “as popular as ever.”
In a research note to clients, Goldman Sachs analyst Noah Poponak upgraded shares of Boeing to buy from neutral and raised his one-year price target to $173 on expectations that air traffic will jet back to normal once the global pandemic abates and people begin traveling again.
"We think Boeing will remain a going concern ... travel by flight will be as popular as ever once Covid-19 is resolved," Goldman Sachs said. "We therefore think shares of (Boeing) should be procured at the current price that is down 70% year-to-date, 80% from 2019."
Meantime, a Boeing worker in Washington state battling the coronavirus has died, marking the first death among the aircraft maker’s infected employees, the Seattle Times reported.
Citing co-workers and a union official, the newspaper said the man was an inspector who worked on the 787 Dreamliner in Everett, Washington. The man's brother reportedly posted a plea on Facebook for Boeing to close its Everett plant and shut down, according to newspaper.
A Boeing representative told the Seattle Times that it was aware of related social media posts and the airplane maker was taking steps to confirm information.
Shares of Boeing were up nearly .87% at $95.83 in trading on Monday.