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Benzinga
Benzinga
Business
Akanksha Bakshi

Boeing Suspends Purchase Of Titanium From Russia: Report

Boeing Russia British Airways Boeing Co Cowen NYSE
  • Boeing Co (NYSE:BA) has suspended buying titanium from Russia. This step might have ramifications for the company's relationship with its largest commodity supplier, VSMPO-Avisma, a Russian titanium producer, reported Reuters.
  • "Our inventory and diversity of titanium sources provide sufficient supply for airplane production, and we will continue to take the right steps to ensure long-term continuity," the report quoted Boeing.
  • Cowen analyst Cai von Rumohr lowered the price target on Boeing to $230 (an upside of 30%) from $265 and maintained an Outperform rating on the shares.
  • The analyst mentions that Boeing faces near-term risks, but if 787 stays close to schedule, he sees a healthy, backloaded 2022 CFPS.
  • Price Action: BA shares are trading lower by 1.69% at $177.79 on the last check Monday.
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