Boeing agreed to a more than $2.5 billion settlement with the U.S. Justice Department
The shares of Boeing Co (NYSE:BA) are down 0.5% at $211.58 at last check, following the company’s agreement to pay more than $2.5 billion in settlement money to the U.S. Justice Department. This news comes after it was revealed that Boeing concealed safety information concerning its 737 Max jet, which was involved in two fatal crashes that claimed the lives of 346 individuals.
On the charts, Boeing stock has struggled to overcome not just the pandemic, but the string of consequences the company has faced from the aforementioned fatal crashes. While the equity has seemingly recovered from its March 18, seven-year low of $89, its down over 36.8% year-over-year. In addition, the 40-day moving average acted as pressure over the last five sessions, though the 50-day trendline helped save the stock from falling below $200 recently.
Analysts, meanwhile, are divided on their stance toward BA. Of the 18 in coverage, nine call the equity a “buy” or better, while the remaining nine say “hold” or worse. And the stock’s 12-month consensus target price of $226.95 is a 7.6% premium to current level.