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- 3 Stocks To Rise This Summer: Boeing
3 Stocks To Rise This Summer: Boeing
Boeing delivered 60 passenger jets in June 2023. This means, demand and production continue to rebound. The total number for the first half of the year reached 266 planes, which is already 23% higher than in the same period of 2022.
Production issues and regulation troubles were dogging the famous aircraft producer for a long time, but now it is seemingly on track to meet higher annual targets like delivery planning for at least 400 narrowbody 737 planes and 70 widebody 787 Dreamliners in 2023. It delivered 48 of its bestselling 737 MAXs in June, compared to 35 MAXs in May, four of 767s - including the first KC-46 military tanker that had to be reworked due to some fuel tank problem, six 787 Dreamliners, one 777 freighter and one 737 that will be turned into a P-8 Poseidon maritime surveillance aircraft for South Korea. Boeing's performance in June is the best since March, when the company supplied 64 jets to customers before revealing a 737 bracket installation error in April. To compare Airbus delivered 316 aircraft over the first six months of 2023, including 72 jets only in June. Airbus said it was also planning to supply 720 planes in 2023 altogether. Both plane makers look quite attractive even at the current level, yet Boeing has much more space upside even to its price highs of March 2021 at $278.5, and its peaking price of 2019 above $445, before first troubles came out. Boeing Commercial Airplanes CEO Stan Deal said he expects to increase MAX production from its current rate of 31 jets per month to 38 "very soon". Boeing also won net orders for 288 planes, including a very big order from Air India for 190 MAXs, 20 Dreamliners and 10 mini-jumbo 777X jets and another order for 39 Dreamliners from new Saudi Arabian airline Riyadh Air. This may help effectively eliminate a significant part of the backlog, given that the stock price has so far risen from $213.30 to a $220 area only in the first two days after the news.
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