JPMorgan upgrades Boeing to ‘overweight’

By Dow Jones Newswires
Posted Jan. 3 at 8:02 a.m.

Financial-services firm JPMorgan upgraded Boeing Co. on Monday to overweight from neutral, saying the manufacturer’s stock price likely reflects the risk in its military business and 787 Dreamliner development program.

“It is well understood that 787 poses further risk,” analyst Joseph Nadol said in a note to clients. “Recent press reports highlighting massive amounts of rework and low selling prices presumably have been priced into the stock already.”

On the military side, most of the bad news related to U.S. cost cutting is probably out. J.P. Morgan raised its price target for Boeing to $83 from $80. Shares of Boeing rose 1.6 percent in recent premarket action to $66.30.

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