Boeing Stock Boasts Favorable 2024 Outlook

RBC Capital Market upgraded Boeing stock to “outperform” this morning

RBC Capital Markets upgraded Boeing Co (NYSE:BAstock to “outperform” from “sector perform” and upped its price target by $75 to $275. The analyst said the blue-chip 737 Max jetliners maker boasts a favorable 2024 outlook, with its commercial and defense segments sporting sustainable growth.

In response, BA is 1.6% higher before the open, looking to extend a 23% year-over-year lead. The equity recently moved above its 50-day moving average, which acted as pressure from mid-September to mid-November. Shorter-term, Boeing stock is up 15.1% year to date. 

Coming into today, the majority of covering brokerages were already bullish, with 14 of 16 rating BA a “strong buy.” However, the 12-month average target price of $248.09 is a 13.1% deficit to last night’s close, leaving plenty of room for price-target hikes in the near future.

Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security’s 50-day call/put volume ratio of 2.45 sits higher than 84% of annual readings. This shows long calls were picked up at a much quicker-than-usual clip over the last 10 weeks.

Now looks like a good time to weigh in on the security’s next move with options. The stock is seeing attractively priced premiums at the moment, per its Schaeffer’s Volatility Index (SVI) of 22%, which sits in the lowest possible percentile of its annual range.

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