Boeing Co BA shares are trading higher Monday following positive analyst coverage from JPMorgan. Reports indicate that Air India is close to placing a large jet order with the company.
What Happened: JPMorgan analyst Seth Seifman maintained Boeing with an Overweight rating and raised the price target from $170 to $200 following reports that the company could be in line for a huge order from Air India.
According to a Reuters report citing industry sources, Air India is close to placing orders for up to 500 jetliners from both Boeing and Airbus. The order reportedly includes "dozens" of Boeing 787s and 777s.
The deal is expected to be worth tens of billions of dollars, even with discounts included.
Air India is owned by Tata Group. The news comes just days after Tata Group announced the merger of Air India and Singapore Airlines joint-venture Vistara to strengthen its presence in the industry.
Related Link: Air India Close To Order Up To 500 Jets From Airbus, Boeing
BA Price Action: Boeing has a 52-week high of $229.67 and a 52-week low of $113.02.
The stock was up 2.71% at $184.41 at time of publication, according to Benzinga Pro.
Photo: courtesy of Boeing.
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