Boeing may sell at least 150 737 MAX planes to Riyadh Air, report states

According to a report by Bloomberg News, citing sources with knowledge of the matter, Boeing Co is working on a deal to sell 150 737 MAX aircraft to Saudi Arabia’s Riyadh Air.

Riyadh Air, which is entirely owned by Saudi Arabia’s Public Investment Fund, is looking for between 300 to 400 single-aisle planes in total, the media reported.

A part of that order could be claimed by Airbus SE.

The US plane maker had previously received another order by state-owned carriers Saudia and Riyadh Air for combined 78 Boeing 787 Dreamliner aircraft.

The shares of Boeing Co (BA) closed 1.37% ($2.76) higher at $203.63 in New York on Friday, while extending the gain from the previous trading session.

The plane maker’s total market cap now stands at $122.503 billion.

The shares of Boeing Co (BA) went down 5.38% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).

The company’s shares have risen 6.90% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, at least 10 out of 15 surveyed investment analysts had rated Boeing Co’s stock as “Buy”, while 5 – as “Hold”. The median price target on the stock stands at $238.40, which translates into a 17.08% upside compared to Friday’s closing price.