Industrials

FedEx CEO: No Impact on Air Freight From Red Sea Disruptions Yet

FedEx CEO Raj Subramaniam said the carrier hasn’t seen higher demand for air freight from global shippers looking to divert goods from ocean shipping due to Houthi attacks on commercial vessels at the Red Sea. The ships can still travel via an alternative and longer route via the Cape of Good Hope, he said, adding that ocean shipping rates have risen. There has been no change to air freight rates due to the Red Sea disruptions. Subramaniam added that 90% of global shipping freight travels by ocean and 10% by air, and just a small diversion will make a big difference to air freight.

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Boeing’s Stock Enters Bear Market as FAA Probe Opens ‘a Whole New Can of Worms’

By Tomi Kilgore Stock falls more than 20% from December high after Wells Fargo analyst cuts rating, price target to the lowest on the Street Shares of Boeing Co. kept falling Tuesday, enough to enter “bear-market” territory, after a downgrade by Wells Fargo, which said there’s a good chance the Federal Aviation Administration’s investigation won’t be “clean.” The FAA’s probe “increases significantly” the risk that production and deliveries will be curtailed, analyst Matthew Akers wrote, in a note titled, “FAA audit opens up a whole new can of worms.” He doesn’t see enough upside for Boeing’s stock to justify that risk. The aerospace and defense giant’s stock (BA) sank 7.1% in morning trading toward a two-month low. The $15.36 price decline was shaving about 101 points off the price of the Dow Jones Industrial Average DJIA, which fell 126 points, or 0.3%. (Read more about how Boeing’s stock can affect

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Boeing (NYSE:BA) stock Analyst Ratings

Boeing (NYSE:BA) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/16/2024 6.38% Wells Fargo $280 → $225 Downgrades Overweight → Equal-Weight 12/15/2023 48.94% UBS $275 → $315 Maintains Buy 12/12/2023 — William Blair Initiates Coverage On → Outperform 12/06/2023 11.11% Barclays $210 → $235 Maintains Equal-Weight 12/01/2023 25.3% Stifel → $265 Initiates Coverage On → Buy 11/28/2023 30.02% RBC Capital $200 → $275 Upgrades Sector Perform → Outperform 11/20/2023 27.66% Deutsche Bank → $270 Upgrades Hold → Buy 11/01/2023 — Goldman Sachs Maintains Buy 10/31/2023 2.6% Northcoast Research → $217 Upgrades Neutral → Buy 10/26/2023 -5.44% RBC Capital $210 → $200 Maintains Sector Perform 10/26/2023 28.13% Citigroup $285 → $271 Maintains Buy 10/26/2023 4.02% Morgan Stanley $235 → $220 Maintains Equal-Weight 10/11/2023 30.02% UBS → $275 Initiates Coverage On → Buy 10/03/2023 8.75% Wells Fargo $270 → $230 Maintains Overweight 09/28/2023 -3.55%

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RTX (NYSE:RTX) stock Analyst Ratings

RTX (NYSE:RTX) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/16/2024 8.29% Baird $88 → $94 Downgrades Outperform → Neutral 11/15/2023 — Redburn Atlantic Downgrades Buy → Neutral 10/25/2023 -0.92% Morgan Stanley $83 → $86 Maintains Equal-Weight 10/11/2023 -7.83% UBS $110 → $80 Downgrades Buy → Neutral 09/29/2023 -6.68% Alembic Global → $81 Initiates Coverage On → Neutral 09/25/2023 -5.53% RBC Capital → $82 Reiterates Sector Perform → Sector Perform 09/25/2023 -4.38% Morgan Stanley $95 → $83 Maintains Equal-Weight 09/18/2023 -10.14% Wells Fargo $100 → $78 Maintains Equal-Weight 09/14/2023 -8.99% DZ Bank → $79 Downgrades Buy → Hold 09/14/2023 -13.59% B of A Securities $95 → $75 Downgrades Neutral → Underperform 09/13/2023 0.23% JP Morgan $100 → $87 Maintains Overweight 09/12/2023 14.06% TD Cowen $109 → $99 Maintains Outperform 09/12/2023 -5.53% RBC Capital $105 → $82 Downgrades Outperform → Sector Perform 09/12/2023

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Boeing Plans Additional Quality Inspections for 737 Max Aircraft

Boeing (BA) plans to add further quality inspections throughout the build process for the 737 Max after the blowout of a cabin panel on an Alaska Air Group (ALK) flight in early January, Boeing Commercial Airplanes Chief Executive Stan Deal said in a message to employees Monday. The plane maker also deployed a team to Spirit AeroSystems (SPR), which manufactures Boeing fuselages, to check the company’s work, the letter said. Deal also said both Boeing and Spirit AeroSystems are opening their facilities to 737 operators for additional oversight inspections to review production and quality processes. China Southern, an airline that was set to receive Max planes, is planning to conduct additional safety inspections on all its Boeing 737 Max jets, the Wall Street Journal reported Monday, citing people familiar with the matter. The Civil Aviation Administration of China has also advised the country’s airlines to conduct safety inspections on all

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United Parcel Service (NYSE:UPS) Stock Analyst Ratings

United Parcel Service (NYSE:UPS) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/16/2024 17.27% Raymond James $170 → $185 Maintains Strong Buy 01/10/2024 20.44% Stifel $180 → $190 Maintains Buy 12/26/2023 -1.74% Daiwa Capital → $155 Downgrades Outperform → Neutral 12/21/2023 -1.11% JP Morgan $165 → $156 Maintains Neutral 10/11/2023 12.84% JP Morgan $186 → $178 Maintains Neutral 10/02/2023 1.43% Susquehanna $173 → $160 Maintains Neutral 09/29/2023 26.78% Raymond James $205 → $200 Maintains Strong Buy 09/29/2023 7.77% HSBC → $170 Initiates Coverage On → Hold 09/28/2023 10.94% Barclays $180 → $175 Maintains Equal-Weight 09/18/2023 16.64% Oppenheimer $195 → $184 Maintains Outperform 09/14/2023 17.27% TD Cowen $190 → $185 Maintains Market Perform 09/12/2023 12.2% B of A Securities $190 → $177 Maintains Neutral 09/12/2023 13.47% Evercore ISI Group $185 → $179 Maintains In-Line 09/12/2023 14.1% Citigroup $200 → $180 Maintains Buy 09/12/2023

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Boeing Cash Flow Outlook In Focus

Boeing lost almost $19B in market value this week in the wake of the Alaska Airlines incident. Investors are focused on the impact on its closely-watched free cash flow from potential delays in certification and production increases. Many sell-side analysts trimmed forecasts for 2024, but three this week also cut their 2025 outlooks, one by almost a fifth from the current consensus of around $9.3B. Boeing is off 2.2% at $217.66.

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The Trader: The Case for a FedEx Rebound — Barron’s

By Jacob Sonenshine FedEx stock has been hit hard in recent weeks, but the worst of the company’s problems are likely over. It’s time to buy. Last year ended on a low note for FedEx, whose stock has dropped 11%, to $250, since Dec. 19. On that date, the company said its fiscal 2024 sales would fall at a low single-digit rate, down from its previous guidance for flat growth. Management blamed the miss on a decline in the number of shipments, which was partially offset by rising prices. It wasn’t all bad, though. While sales guidance came down, management maintained its profit outlook, calling for per share earnings to come in at $17.75 at the midpoint of its range for the year. FedEx is overhauling its cost structure for calendar year 2024, and analysts expect an operating margin of 7.5%, up from this year’s 6.5%. “[FedEx deserves] the benefit

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Mastercard’s Stock Upgrade Backed by a High Growth Estimate and Incredible Long-term Success

By Philip van Doorn Oppenheimer analyst Dominick Gabriele sees 19% upside for the stock over the next 18 months On Wednesday, Oppenheimer & Co. analyst Dominick Gabriele upgraded Mastercard Inc. to an “outperform” rating with a 12-18 month price target of $510, which was 19% higher than the stock’s closing price of $428.27 that day. In a note to clients, Gabriele wrote that there was some concern over his estimated annual earnings-per-share growth rate of 17% for Mastercard (MA) over the next three to five years, because this was slower than the growth pace before the COVID-19 pandemic. But he concluded that the expected profit growth pace was “good enough” to support his price target. EPS growth Looking back, Mastercard’s EPS increased at a compound-annual-growth rate (CAGR) of 29.1% for the three-year period ending 2019. That was an incredible pace for earnings growth, compared with a three-year EPS CAGR of

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FedEx Stock Ended the Year on a Rough Patch. Why It’s Time to Buy. — Barrons.com

By Jacob Sonenshine FedEx stock has been hit hard in recent weeks, but the worst of the company’s problems are likely over. It’s time to buy. Last year ended on a low note for FedEx, whose stock has dropped 11%, to $250, since Dec. 19. On that date, the company said its fiscal 2024 sales would fall at a low single-digit rate, down from its previous guidance for flat growth. Management blamed the miss on a decline in the number of shipments, which was partially offset by rising prices. It wasn’t all bad, though. While sales guidance came down, management maintained its profit outlook, calling for per share earnings to come in at $17.75 at the midpoint of its range for the year. FedEx is overhauling its cost structure for calendar year 2024, and analysts expect an operating margin of 7.5%, up from this year’s 6.5%. “[FedEx deserves] the benefit

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