Originally published Wednesday, June 25, 2008 at 12:00 AM
PrintBoeing shares dive 6.9 percent on analyst's downgrade
Boeing shares slumped nearly 7 percent, to a 30-month low, today after a Goldman Sachs analyst reduced his rating on the stock from "neutral"...
By Seattle Times business staff
Boeing shares slumped nearly 7 percent, to a 30-month low, today after a Goldman Sachs analyst reduced his rating on the stock from "neutral" to "sell."
Boeing closed down $5.15, or 6.9 percent, at $69.64.
Analyst Richard Safran cited high oil prices and a weakening economy in his report, which set a $60 target for Boeing stock over the next 12 months, according to Bloomberg News.
"We believe there is more risk to the 787 program than is currently priced in as the program has yet to even enter flight test, where historically most issues on development aircraft are found," Safran wrote.
The last time Boeing shares traded below $70 was in January 2006. The stock hit a 52-week high of $107.83 on July 25.
Copyright © 2008 The Seattle Times Company
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