Benzinga | Dec 16, 2021 06:53AM EST

JPMorgan Cuts Boeing Price Target By 1.8%

* JPMorgan analyst Seth Seifman lowered the price target on Boeing Co (NYSE:BA) to $270 (an upside of 38.1%) from $275 after lowering his 2022 free cash flow estimate by about $1 billion to $1.5 billion but maintained an Overweight rating on the shares.

* Seifman says the 737 MAX is back, but Boeing "faces no shortage of challenges."

* He sees potential for Boeing to make progress in 2022 and argues that a shift in momentum should be "meaningful for the stock." He adds that the most important thing operationally for Boeing in 2022 is to deliver planes, which requires an improving relationship with regulators, among other things.

* Additionally, Susquehanna analyst Charles Minervino updated his Boeing delivery forecast and saw November deliveries saw an uptick for 737's while the 787 MAX remains on hold. His projection includes a resumption of deliveries in late Q1'2022.

* Minervino maintained his Neutral rating and a price target of $243 on Boeing shares.

* Price Action: BA shares are trading higher by 0.91% at $197.20 during the premarket session on Thursday.