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Boeing Shares Slump as Wells Fargo Cuts to Rare Bearish View
- Planemaker’s shares close at lowest level since November 2022
- Analyst says equity raise likely needed in coming years
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Boeing Co. slumped on Tuesday as Wells Fargo & Co. lowered the planemaker to a sell-equivalent recommendation, saying it’s hard to see any upside in the shares.
The stock closed down 7.3% at $161.02, the lowest level since November 2022, as analyst Matthew Akers downgraded his rating on the company to underweight from equal-weight and cut the price target to $119, the lowest among analysts tracked by Bloomberg.