Stock

Boeing shares have to beat ‘this resistance’ to pull out of the downtrend

Boeing Co (NYSE: BA) shares are pretty much in a freefall in 2022, now down roughly 40% from their year-to-date high. Still, CEO Dave Calhoun continues to be constructive for the current year.

CEO Calhoun’s recent remarks

The American multinational has been a disappointment for the shareholders in recent years on several deadly crashes and production missteps. At a recent conference, however, the chief executive said:

I’m confident on the liquidity front. Cash flow is getting better every quarter. We’re at a turning point here. I can’t measure it week by week or month by month, or even quarter by quarter, but I know the year is going to be substantially better.

In late April, Boeing reported its financial results for the first quarter that came in well below the Wall Steet expectations.

Tim Seymour is long Boeing

The Founder of Seymour Asset Management also dubs Boeing a long-term bet and continues to be bullish on the aeroplane manufacturer, even though he’s in a big loss in BA right now. On CNBC “Fast Money”, Tim Seymour said:

I’m long Boeing. It’s a company that I think will remerge into a cash flow machine. But it’s not going to happen tomorrow. If you look at the charts, I think up to $175, this stock is still in a downtrend. So, we need to break through that.

Wall Street also rates Boeing at “buy” at present with a price target of $216 (average), which means the stock could shoot up over 50% from here.

The post Boeing shares have to beat ‘this resistance’ to pull out of the downtrend appeared first on Invezz.

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