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Boeing shares close higher on Wednesday, company awarded $1.615 billion contract for Minuteman III missile support

Boeing Co (BA) has been awarded a $1.615 billion indefinite-delivery/indefinite-quantity contract by the US Department of Defense to provide guidance subsystem support for Minuteman III Intercontinental Ballistic Missile.

Work is to be performed at Hill AFB, Utah, and is expected to be completed by February 1st 2039.

“Fiscal 2023 operation and maintenance funds in the amount of $8,345,086 are being obligated at the time of award,” the Department of Defense announced on its website.

The shares of Boeing Co closed 0.82% ($1.75) higher at $214.75 in New York on Wednesday, with the plane maker’s total market cap now standing at $128.47 billion.

The shares of Boeing Co went down 5.38% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).

Analyst stock price forecast and recommendation

According to TipRanks, at least 11 out of 16 surveyed investment analysts had rated Boeing Co’s stock as “Buy”, while 5 – as “Hold”. The median price target on the stock stands at $231.00.

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