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BA

Boeing

$373.39

-3.95 (-1.05%)

16:22
07/22/19
07/22
16:22
07/22/19
16:22

Moody's affirms Boeing's A2 senior unsecured rating, changes outlook to negative

Moody's Investors Service announced that it has affirmed the A2 senior unsecured and P-1 short-term ratings it assigns to Boeing and the A2 senior unsecured rating it assigns to Boeing Capital Corporation, the debt of which Boeing guarantees. The outlook for both entities was changed to negative from stable. Moody's said in part: "The change in outlook to negative principally reflects that the grounding of the company's 737 MAX aircraft will run longer than we had expected, which will compound its operational disruption, costs and the size of the investment in working capital as production remains at a substantial rate of 42 per month. The negative outlook also contemplates the execution risk in returning the narrow-body franchise to normalcy following the grounding's end, which remains uncertain, and the timeframe for repaying the debt incurred to fund the grounding and restore confidence in the all-important MAX program, and in Boeing, more broadly...Financial risk relative to the company's pre-grounding profile has meaningfully increased, and the resolution and ultimate impact for Boeing, both financially and reputationally, remain unknown. The negative outlook incorporates Moody's projection of negative free cash flow of $5B or more in 2019, and the execution risk regarding Boeing's ability to generate positive free cash flow in excess of $10B in 2020, assuming deliveries re-start by January 2020 and no new capital-consuming issues arise."

  • 24

    Jul

BA Boeing
$373.39

-3.95 (-1.05%)

07/19/19
JPMS
07/19/19
NO CHANGE
JPMS
Overweight
Boeing charge 'considerably higher than most expected,' says JPMorgan
The $5.6B charge Boeing (BA) is taking to compensate airlines is "considerably higher than most expected," but an incremental $2B on a $200B market cap "should not be devastating," JPMorgan analyst Seth Seifman tells investors in a research note. Second, the decision to keep 737 production at 42 per month is likely a relief, especially for suppliers like Spirit AeroSystems (SPR), says the analyst, who adds that "significant incremental schedule slippage from here could still impact production later on." In addition, Boeing's plan to boost 737 production to 57 per month in 2020 is likely a relief as well, contends Seifman. The analyst, who admits he's "still stumbling in the dark a bit with regard to financial performance the next few years," keeps an Overweight rating on shares of Boeing with a price target of $430.
07/19/19
ADAM
07/19/19
NO CHANGE
Target $380
ADAM
Hold
Boeing MAX charge limits financial impact perception, says Canaccord
Canaccord analyst Ken Herbert noted Boeing announced it is taking a charge associated with potential customer concessions and delivery delays due to the 737 MAX grounding. The analyst believes the initial investor reaction is a sigh of relief due to the fact Boeing now expects MAX RTS in Q4/19 ahead of the Q1/20 expectations, and the charge helps put a perceived limit on the financial impact of the grounding. Herbert maintained his Hold rating and $380 price target on Boeing shares.
07/19/19
MSCO
07/19/19
NO CHANGE
Target $500
MSCO
Overweight
Morgan Stanley sees 3 reasons Boeing's $5B charge announcement is a positive
After Boeing announced last night that it would recognize a $4.9B charge associated with disruptions related to the 737 MAX grounding, Morgan Stanley analyst Rajeev Lalwani laid out three key reasons why he views the news positively. First, Boeing noted that its "best estimate at this time" is for a return to service for the MAX in "early" Q4, which Lalwani called the first time the company has proactively put forth a return to service date. Second, the company has avoided an additional production cut, or possibly a halt, as a result of the prolonged grounding. Third, Boeing's production update pointed to a ramp to 57 per month in 2020 and the company said it expects built inventory to be released over "several quarters following return to service," which the analyst said supports his view for a path to normalization through next year and by 2021. Lalwani keeps an Overweight rating and $500 price target on Boeing shares, which are up 2% to $369 in pre-market trading.
07/19/19
JEFF
07/19/19
NO CHANGE
Target $420
JEFF
Buy
Boeing price target lowered to $420 from $448 at Jefferies
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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Kraft Heinz

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HMSY

HMS Holdings

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ICAD

iCAD

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-0.01 (-0.14%)

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GLW

Corning

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WE

We Company

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GM

General Motors

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HLNE

Hamilton Lane

$59.95

-0.51 (-0.84%)

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