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Boeing Drops as Barclays Warns of Underappreciated 737 Max Risk

The tail of a Boeing Co. 737 Max 9
Photographer: David Ryder/Bloomberg

Boeing Co. shares fell on Tuesday after Barclays Capital downgraded the stock, writing that Wall Street was still underestimating the fallout that would occur as a result of the deadly 737 Max crashes in Indonesia and Ethiopia.

“We expect the recovery of 737 Max production to take longer than expected,” and fliers’ desire to avoid the aircraft is “likely worse than anticipated,” analyst David Strauss wrote, lowering his investment rating to equal weight from overweight. The price target fell to $367 from $417.