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Boeing: Berenberg cuts to 'hold' on 737 MAX woes

(CercleFinance.com) - Berenberg has downgraded its rating on Boeing from "buy" to "hold," citing the woes of the 737 MAX.

"The 737 MAX grounding has lasted far longer than expected and a decision to halt MAX production adds more uncertainty," the German broker said in a note.

"The fatal 737-800 crash in Iran adds further pressure," Berenberg added.

While Boeing remains attractive longer term, with a P/E of 11x and an FCF yield of 10%, Berenberg said it is taking one step back from its "buy" rating," cutting its target price for the share from 410 dollars to 350 dollars.

The Boeing shares are currently up 0.3% at 332.2 dollars on the New York Stock Exchange.

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