BofA/Merrill analysts led by Ronald Epstein downgraded Boeing to Underperform citing disappointing cash generation for the 787 program. Boeing's current forecast assumes the 787 program will generate $29B in cash by Q1 2022, but the analyst believes the company will only generate $14B of cash. Epstein said Boeing needs to generate at least an average unit profit of $30M on the 907 current undelivered 787units in the current program accounting block in order to burn off the 787 deferred production costs that reached $28.5B as of Q4 2015. He believes a $16M average unit profit is more likely and that Boeing will likely take a charge on the 797 program and/or extend the block size. Epstein raised Boeing's price target to $125 from $115 per share.

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Reports Q1 revenue $16.6B, consensus $15.22B. "Our first quarter results reflect the immediate actions we've taken to slow down 737 production to drive improvements in quality," said Dave Calhoun, Boeing president and CEO. "We will take the time necessary to strengthen our quality and safety management systems and this work will position us for a stronger and more stable future."

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Boeing (BA) is expected to report results on its fiscal first quarter on Wednesday, April 24, with a conference call scheduled for 10:30 am EDT. What to watch... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here