Boeing price target lowered to $175 from $215 at Wells Fargo

Wells Fargo lowered the firm’s price target on Boeing (BA) to $175 from $215 and keeps an Equal Weight rating on the shares. The firm sees a lot of challenges still to come through in 2024, including the Spirit (SPR) deal, production issues, union contract, CEO change, and 777x, the analyst tells investors in a research note. In addition, Wells believes the $10B free cash flow target is looking increasingly difficult to achieve.