JP Morgan downgrades Boeing profit outlook, UBS maintains neutral rating – Suppliers Share Wrap
Boeing shares fell 0.7% yesterday, amid a day of a general decline in aerospace stocks. UBS maintained its neutral rating and USD72 price target, on news Boeing is sorting the issue that grounded its B787 test fleet earlier this month. JP Morgan cut its 2011 full-year profit outlook from USD4.65 to USD4.35 per share, citing an anticipated six-month delay for the B787.
All Nippon Airways CEO, Shinichiro Ito, stated yesterday that the delays to the aircraft are a "great disappointment" and is pushing Boeing to give it a schedule for delivery of its first aircraft as soon as possible.
Other aircraft manufacturers were also down, with United Aircraft Corp and Bombardier dropping 1.7% and EADS and Embraer down 1.4%.
Also losing ground was Amadeus, which fell 3.9%.
Selected Original Equipment Manufacturers daily share price movements (% change): 29-Nov-2010
Source: Centre for Asia Pacific Aviation & Yahoo! Finance
Selected Aviation Suppliers & Leasing daily share price movements (% change): 29-Nov-2010
Source: Centre for Asia Pacific Aviation & Yahoo! Finance