According to a statement by Boeing Co (BA) on Monday, a steady progress is being made towards certifying the companys grounded 737 MAX aircraft with a software fix. Additionally, the US plane maker said it had completed a final flight test before the certification flight.
Boeing shares closed lower for a second consecutive trading session in New York on Monday. The stock went down 0.46% ($1.74) to $379.05, after touching an intraday high at $385.14, or a price level not seen since April 5th ($398.66).
Shares of Boeing Company have surged 17.53% so far in 2019 compared with a 17.40% gain for the benchmark index, S&P 500 (SPX).
In 2018, Boeing’s stock went up 9.36%, thus, it again outperformed the S&P 500, which registered a 6.24% loss.
“Test pilots have made 146 737 MAX flights totaling roughly 246 hours of air time with the updated software, and nearly 90 percent of our 50-plus MAX operators around the globe have experienced the software update themselves during one of our simulator sessions,” Boeings Chief Executive Officer Dennis Muilenburg said in a statement, cited by Reuters.
According to CNN Money, the 22 analysts, offering 12-month forecasts regarding Boeing Company’s stock price, have a median target of $434.50, with a high estimate of $505.00 and a low estimate of $380.00. The median estimate represents a 14.63% upside compared to the closing price of $379.05 on April 29th.
The same media also reported that 15 out of 25 surveyed investment analysts had rated Boeing Company’s stock as “Buy”, while 7 – as “Hold”.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Boeing Co (BA) are presented as follows:
Central Pivot Point – $379.40
R1 – $386.19
R2 – $391.59
R3 – $398.38
R4 – $405.17
S1 – $374.00
S2 – $367.21
S3 – $361.81
S4 – $356.41
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