It may take time until August before Boeing Cos 737 MAX is put again in service, the head of the International Air Transport Association (IATA) said on Wednesday.
Boeing shares closed lower for a second consecutive trading session in New York on Wednesday. It has also been the steepest daily loss since May 13th. The stock went down 1.71% ($6.08) to $348.80, after touching an intraday low at $345.98, or a price level not seen since May 23rd ($341.15).
Shares of Boeing Company have surged 8.16% so far in 2019 compared with an 11.02% gain for the benchmark index, S&P 500 (SPX).
In 2018, Boeing’s stock went up 9.36%, thus, it outperformed the S&P 500, which registered a 6.24% loss.
“We do not expect something before 10 to 12 weeks in re-entry into service,” IATA Director General Alexandre de Juniac told reporters in Seoul, cited by Reuters.
“But it is not in our hands. That is in the hands of regulators,” de Juniac added.
The IATA head also said that the airline group intended to organize a meeting with Boeing Co, regulators and air carriers in five to seven weeks to discuss the measures required for the 737 MAX to be in operation again.
Last week during the IATA meeting for 737 MAX operators in Montreal, airline members spoke in favor of a closer cooperation between regulators on the decision for the aircrafts return to service.
Also last week, representatives of the Federal Aviation Administration (FAA) told members of the United Nations’ aviation agency that the US regulator anticipated to approve the grounded 737 MAX to return to service as soon as late June.
According to CNN Money, the 21 analysts, offering 12-month forecasts regarding Boeing Company’s stock price, have a median target of $434.00, with a high estimate of $505.00 and a low estimate of $367.00. The median estimate represents a 24.43% upside compared to the closing price of $348.80 on May 29th.
The same media also reported that 14 out of 25 surveyed investment analysts had rated Boeing Company’s stock as “Buy”, while 8 – as “Hold”.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Boeing Co (BA) are presented as follows:
Central Pivot Point – $352.48
R1 – $363.81
R2 – $372.72
R3 – $384.05
R4 – $395.38
S1 – $343.57
S2 – $332.24
S3 – $323.33
S4 – $314.42
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