Jim Cramer: Boeing Is in 'No Mans Land'
How's Boeing looking?
On Monday, analysts were helping the stock get a boost.
Seaport Global initiated Boeing stock with a buy-equivalent rating and a $277 price target. Based on Friday’s close, that implies more than 35% upside, and more than 20% from current levels.
Goldman Sachs analysts also bumped their price target to $238 a share from $209.
Boeing released orders on Tuesday, June 9.
The company reported nine orders, and around twice as many cancellations.
The cancelled orders include 14 737 MAX planes, which is the plane that has been grounded since March 2019.
The company's backlog shrunk to 4,744 planes. This is the lowest since 2013.
The tally includes orders that Boeing periodically removed due to financial trouble, or other factors impacting some customers.
Jim Cramer, when looking at Boeing, said that he thinks that Boeing is in the no man's land right now. It's gone up too quickly, and could fall again.
Boeing is up over 78% in the past month, and is trading around $223 a share. It's 52-week high has the low pegged at $89 a share, and the high at $391 a share.