4-8-19 BA 375 big profits put options BA drops 20 dollars
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Boeing: 737 rate reduction reflects greater uncertainty – Canaccord Genuity (375.90 -16.03)
Canaccord notes Boeing (BA) announced that it was lowering production of its 737 MAX to 42/month, down from the current rate of 52/month. BA indicated that this move was temporary, but we now view the planned move to 57/month on the 737, expected this summer, as potentially slipping to 2020. Moreover, they now view the grounding of the 737 MAX fleet as longer than we had been anticipating. They now assume the MAX grounding will last at least until July 2019 in a best-case scenario. As such, they are adjusting our 2019 estimates (FY19 EPS to $18.65 from $20.25 vs. $20.00 consensus). Much of the financial impact on Boeing is still expected to be temporary, but the move to 42/month on the 737 indicates to them greater uncertainty on the near and longer-term outlook for the program and the stock; HOLD rating, $380 price target.