BNP starts Boeing with Underperform, says estimates too high

BNP Paribas Exane initiated coverage of Boeing (BA) with an Underperform rating and $150 price target The firm believes consensus estimates for Boeing as too high. CEO Kelly Ortberg has made progress turning around the company’s operations, but this is largely priced into the stock with consensus forecasting a ramp to new all-time high production rates, the analyst tells investors in a research note. BNP finds it unclear if Boeing’s commercial book-to-bill can hold up as traffic slows and tariff -driven deal orders are lapped.