Opinions
Christine Poole
Boeing
BA-N
COMMENT
Jan 09, 2018
Stock price when the opinion was issued
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The CFO recently made comments: the troubled 737 is closer to resuming production, as the 787 could increase production later this year. Really, the 737 is more important. Also, their ailing defence business is starting to stabilize and recover, though their commercial business could improve. Maybe cash flow will improve; there are signs it is already. They won't be hit by tariffs, because 80-90% of their supply chain is in the US. They have a half-trillion-dollar backlog Last Friday, the US Air Force awarded Boeing the contract for fighter jets. He'd like to see a few good quarters of stronger results, and it's early in this turnaround though it's getting its act together. Also, Boeing enjoys little competition and airplane demand is strong.
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He hopes their troubles are behind them but as an equity investor is not sure if he sees the light at the end of the tunnel yet. There are only three companies in the world that make planes and global travel is growing. It has some logistics issues and has received some significant slaps on the wrist by the transportation board. There is a lot of debt but the order book is pretty filled up. He thinks there has been some change in management.
Sold her holdings about a year ago when it went through her price targets. They have done very well. Some of the rally early in 2017 was due to the defence side. Also, the stock is benefiting from what is happening with the US tax reform packages, and they were building their backlog and are now having to produce. They will be generating a lot of cash flow. If you’ve owned this for a couple of years, you might consider taking some profits.