Baird analyst Peter Arment said Boeing delivered solid Q3 results and provided meaningful support to the ability to grow cash flow despite 777 production cuts. The analyst said the company continues to return cash to shareholders by renewing both the dividend and stock buyback and he continues to see upside from current levels. Arment reiterated his Outperform rating and $161 price target on Boeing shares.

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Says without approximately $200M impact Boeing (BA) 737 MAX 9 from grounding, United (UAL) would have reported a quarterly profit.

Northcoast downgraded Boeing to Sell from Neutral with a $140 price target. The stock in premarket trading is down 1% to $168.80. The analyst expects Boeing's quarterly earnings report in two weeks to prompt concerns about the company's underlying fundamentals and ultimately shift investor focus to liquidity and acquisition concerns. Negative expectations are embedded in the lower share price, but investors may not be discounting structural issues, such as Boeing's balance sheet stability or future cash liabilities, the analyst tells investors in a research note. Northcoast believes the 787 production challenges and the Federal Aviation Administration investigation uncertainties do not appear to be reflected in consensus estimates. The firm's channel checks confirm unexpected changes were already made to the Dreamliner production schedule "that would normally indicate some type of problem not yet been communicated to The Street." Its survey results point to a 787 program build rate of two jets per month, as opposed to Boeing's claim of five.

Northcoast analyst Chris Olin downgraded Boeing to Sell from Neutral with a $140 price target.