Boeing Stock Plummets Amid Production Line Woes
Boeing's stock plummeted by 4.5% on September 18 after CEO Kelly Ortberg revealed that the company's production line for its 737 aircraft was not stable.
The decline, which was the sharpest single-day drop since May, dragged Boeing's share price down to $198.20, a nearly 13% decrease from the year's opening.
Bank of America analyst Ronald Epstein responded by reaffirming his 'Buy' rating and $270 price target for Boeing stock, citing the company's robust order book and Ortberg's transparent management approach.
The 737 production line has been a source of concern for investors, with Ortberg stating that the Renton wing facility had yet to reach the consistency required to meet the Federal Aviation Administration's output cap of 47 deliveries per month.