Boeing And Its Beleaguered Stock Will Fly Again - Goldman Sachs

Author:
Publish date:
Video Duration:
2:13

Beleaguered Boeing  (BA) - Get Report and its struggling stock will most definitely fly higher from where it is now.

That according to analysts at Goldman Sachs, who on Monday issued a bold and eyebrow-raising upgrade of the airplane maker's stock to buy from neutral, with a one-year price target of $173.

The call certainly grabbed Wall Street's attention, particularly as Boeing is not only grappling with how to continue to fund its operations amid the biggest slowdown in travel and aviation history, but is also still looking to get sign-off on its grounded fleet of 737 MAX jets.

"We think Boeing will remain a going concern ... travel by flight will be as popular as ever once Covid-19 is resolved," Goldman analyst Noah Poponak 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.

Catch up on the Latest Videos on TheStreet!