Shares of Boeing Co. (BA) rallied nearly 12% on Monday, adding more than 150 points to the Dow Jones Industrial Average and leading the index after analysts at Seaport Global initiated coverage of the shares at a buy and travel-related stocks also gained. The Seaport analysts set a price target of $277 for Boeing, implying a 20% upside. "There are risks ahead, however, absent another COVID-19 wave, we think the worst is now being priced in," and Boeing is "an attractive investment," the analysts said. Overall investor sentiment remains neutral, but getting more positive. "Positive investor sentiment reflects an innate tendency to buy cyclical stocks anticipating a recovery. We're in agreement." Boeing shares have lost 28% this year, compared with losses of 1% and 4.2% for the S&P 500 index and the Dow.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 08, 2020 10:25 ET (14:25 GMT)
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