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Is Boeing Stock Going to $224? 1 Wall Street Analyst Thinks So

It's no secret that Boeing (NYSE: BA) stock has encountered a considerable amount of turbulence so far in 2024. While the S&P 500 has risen about 6%, shares of the aircraft manufacturer have plunged more than 36% since the start of the year.

But one analyst sees smoother sailing ahead -- though admittedly not as smooth as previously thought. Jason Gursky, an analyst at Citigroup, lowered his price target on Boeing stock to $224 from $252 Thursday. Based on the stock's recent closing price of $164, Gursky's new estimate still implies upside of more than 36%.

An encouraging start to 2024

Reporting $16.6 billion in revenue and a $1.13 loss per share, Boeing beat analysts' estimates that it would book $15.2 billion on the top line and a $1.65 loss per share. The company's surprisingly strong performance contributed to the analyst's belief that shares can soar higher, but that wasn't the only factor.

Gursky also predicated his price target on the belief that the company will not succumb to its current headwinds, and it "will come through this healthier than before," according tofinancial newssite The Fly.

His view is supported, in part, by the fact that demand for Boeing's aircraft remains strong. At the end of the first quarter, Boeing's backlog totaled $528.7 billion, a 1.6% increase over what it had at the end of 2023.

This aerospace stock could remain grounded for now

While Gursky's price target is auspicious, investors considering a position in Boeing may want to stand pat for now as the company continues trying to correct course from the challenges it's facing with the quality issues on its 737s. It's quite possible that the stock encounters continued volatility in the near future, and it wouldn't be surprising if the stock dips again before soaring higher.

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Citigroup is an advertising partner of The Ascent, a Motley Fool company. Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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