Trade Alert: Boeing (BA)

by | Mar 26, 2020 | Daily Trade Alert

Boeing (BA) exploded higher for us.

On Monday, we noted, “At around $100 it’s a steal. Consider buying at market. Not only is it sitting at a 2016 low, it’s oversold at its lower Bollinger Band (2,20), it’s over-extended on RSI, MACD, and Williams’ %R. With plenty of patience, BA could eventually refill its gap.”

At the time, Boeing traded at $100 a share. As of this morning, it’s up to $168 in pre-market. All after the White House and Congress reached a $2 trillion stimulus deal, which includes support for the struggling aviation industry.

Even here, it’s still oversold. Better still, Goldman Sachs just told clients BA has enough cash to weather the downturn, and that air travel would eventually return.

Analyst Noah Poponak upgraded Boeing to buy from neutral with a new one-year price target of $173 on expectations that air traffic will recover once the virus pandemic is over. “We think Boeing will remain a going concern … travel by flight will be as popular as ever once Covid-19 is resolved. We therefore think shares of (Boeing) should be procured at the current price that is down 70% year-to-date, 80% from 2019.”

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