Aerospace stock Boeing (BA) is well-known for corporate philanthropy, running donations to museums and a host of other organizations. But today, news emerged in two different directions about its philanthropic efforts. It dropped one event, and picked up a new one in its place. Boeing investors seemed happy about this, and sent shares up over 2% in Friday afternoon’s trading.
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Boeing will not, reports note, be a sponsor of the Invictus Games in 2027. Boeing was normally a major sponsor of Invictus Canada, but now, that is no longer the case. Reports also note that this is a major blow to the Invictus Games, as corporate sponsorships are hard to come by, and individual donations are virtually off the table. In fact, Birmingham has just 11 sponsors delivering a combined total of four million pounds sterling.
Vancouver, meanwhile, formerly counted Boeing as well as ATCO (ACLLF) as sponsors, but Boeing’s departure leaves just ATCO in the mix now. There are several reasons that Boeing may have pulled out, including an ongoing cloud of negative public relations around the event like Invictus funds going to cover costs directly connected with Prince Harry and wife Meghan Markle. Throw in the fact that Birmingham is bankrupt—Birmingham City Council declared bankruptcy in September 2023—and that makes the Games that much harder to pull off.
Spending Elsewhere
Meanwhile, Boeing recently announced that it is putting a $1 million grant to address cleanup issues in Kinloch, a “historic Black community” that is facing a loss of investment in general as well as issues of illegal dumping.
Kinloch has made a lot of progress so far, backed up by $2 million from the Missouri state government. It has taken down “two dozen” derelict buildings, and pulled over 300 tons of trash out of the area thanks to a set of community cleanup efforts. With the Boeing grant in place, Kinloch can bring in heavy machinery to pull debris and large-scale dumping efforts out of the area. Kinloch can also cover landfill access costs to get rid of material that way.
Is Boeing a Good Stock to Buy Right Now?
Turning to Wall Street, analysts have a Strong Buy consensus rating on BA stock based on 16 Buys and one Hold assigned in the past three months, as indicated by the graphic below. After an 18.57% rally in its share price over the past year, the average BA price target of $274.27 per share implies 16.13% upside potential.
