In a report published Wednesday, Sterne Agee analyst Peter Arment reiterated his Buy rating on The Boeing Company BA, and raised his price target from $87.00 to $100.00.
In the report, Arment noted, “Last night, the FAA approved the certification plan for the redesigned 787 battery system that includes components to minimize initiation of a short circuit, better insulation of the cells and a new containment and venting system. Additionally, Ryanair is set to place an order for ~200 737NGs valued at ~$8 billion, cementing the production bridge to 737 MAX in 2017. We are raising our price target on BA by $13 to $100, 14x P/E multiple for 2014E or based on only 10x FCF per share multiple.”
The Boeing Company closed on Tuesday at $84.16.
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