Sterne Agee Reiterates Buy on Boeing Following Announcement of End of C-17 Production

In a report published Thursday, Sterne Agee analyst Peter Arment reiterated a Buy rating and $164.00 price target on The Boeing Company (NYSE: BA).

In the report, Sterne Agee noted, “Yesterday BA announced that it will close the C-17 facility in Long Beach, CA. in 2015. BA has 22 aircraft left to produce, but only 13 are officially sold so we do expect new international orders for the final 9 aircraft. The financial impact is less than a $100 million charge in 3Q13 and will not impact 2013 guidance. The other significant announcement yesterday was the 777X order from Lufthansa topping $11 billion in value.”

The Boeing Company closed on Wednesday at $118.40.