Sunday's crash of a Boeing 737 Max 8 aircraft operated by Ethiopian Airlines continued to pressure Boeing's stock Tuesday, with shares trading down more than 5%. That follows a drop of 5.3% on Monday.
And while the two days of selling have wiped out $26 billion of market value, Boeing shares have been under pressure all month. The stock topped out at $446.39 on March 1, and was under pressure even before Sunday's disaster. It's now down more than 17% from its 2019 peak — a drop of $40 billion in market value.
But the recent selling has been unable to sway Wall Street analysts, who remain largely bullish on Boeing shares. Among the analysts surveyed by Bloomberg, 21 had a "buy" rating while only 2 had "sell."
In a note published on February 27, Morgan Stanley raised its price target to $500, representing an increase of 17% at the time. "We see continued upward momentum in BA shares," wrote Morgan Stanley analyst Rajeev Lalwani. "In fact, we see a clear path to $500 given broadly higher market multiples alongside a potential order boost from China trade resolution."
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