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Boeing slides following deliveries report, but Morgan Stanley positive on recent orders
© Reuters. Boeing (BA) slides following deliveries report, but Morgan Stanley positive on recent orders
By Sam Boughedda
Boeing (NYSE:BA) shares fell Wednesday after it reported that it delivered 28 aircraft in February, down from 38 deliveries the previous month.
Reacting to the deliveries report, Morgan Stanley analysts told investors in a note that using data from Cirium, they estimate eight 737 MAX aircraft were delivered out of Boeing's inventory and one 787 was delivered out of inventory.
"Initial data for March deliveries shows delivery of ~12 737 MAX through March 13, 2023, according to Cirium," wrote the analysts. "We will be closely monitoring a potential step-up in 787 deliveries and production while keeping an eye out for production stabilization of ~31/month for the 737 MAX."
The analysts also said the firm view the recent 787 order by Saudi Arabian Airlines and Riyadh Air positively.
"We are not surprised by the large widebody order as we identified a strong opportunity set for a widebody replacement cycle in our analysis," said the analysts, who maintained an Equal-weight rating on the stock.
"We expect Boeing to trade on execution of its 2025/2026 aircraft production rate targets and free cash flow generation. Despite the strong demand for aircraft, we see the supply chain as a bottleneck for further production/delivery increases, which is the key milestone for cash generation."
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