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Boeing: capital plans stronger than expected, Canaccord says

(CercleFinance.com) - Boeing's capital allocation plans are "stronger than expected," analysts at Canaccord Genuity said on Tuesday.

Boeing yesterday announced that it has decided to increase its quarterly dividend by 20%, and has raised its current share repurchase program with a new 18 billion dollar authorisation.

"We believe the buyback authorization is higher than investors had been expecting, and should be a positive catalyst for the stock," Canaccord writes in a research report today.

However, the stock is likely to continue to enjoy fundamental tailwinds, the broker adds, saying that it remains cautious towards the stock after its recent strength.

Canaccord therefore has a "hold" rating, with a target price of 250 dollars for the Boeing stock.

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