Boeing Co BA shares fell Monday after the company announced a hiring freeze and delayed pay increases for its salaried workforce as the aerospace company faces increased cash drain during a worker strike launched Friday.

The Details: Boeing CFO Brian West announced the measures in a memo to staff on Monday. West also said the company would cut back on orders for its 737, 767 and 777 jets and temporary furloughs for employees and executives are being considered. 

"We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume," West said in his note. "However, our business is in a difficult period. This strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future."

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The strike began Friday morning after 33,000 aircraft assembly workers walked off the job after rejecting a contract offer presented by Boeing and the International Association of Machinists and Aerospace Workers (IAM) that would have increased wages by 25% over four years. Jefferies aerospace analyst Sheila Kahyaoglu estimated a 30-day strike could cost the struggling aerospace giant $1.5 billion.

Will BA Stock Go Up?

When trying to assess whether or not Boeing will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $205.67 on Boeing. The Street high target is currently at $235 and the Street low target is $119. Of all the analysts covering Boeing, six have positive ratings, two have neutral ratings and one has a negative rating.

In the last month, one analyst adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Boeing have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Boeing is 38.06% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Boeing, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

BA Price Action: According to Benzinga Pro, Boeing shares ended Monday's session 0.78% lower at $155.55.  

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