Jefferies analyst Sheila Kahyaoglu lowered her price target for Boeing to $420 from $448 after the company said it will take a $5.6B charge in Q2 tied to the 737 MAX that will reduce revenue and pre-tax earnings. The analyst cut her Q2 earnings per share estimate to $4.05 from $12.75 as well as her 737 program gross margin to 30% to 32% to reflect incremental block costs. She estimates Boeing will generate $5.2B of free cash flow in 2019, down 62% from 2018 levels. However, in a research note titled "MAX Charge: Clearing the Way into Earnings," Kahyaoglu keeps a Buy rating on Boeing.

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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.