Market Update (NYSE:BA): U.S. agency rejects Boeing protest of Northrop bomber contract

[Reuters] – A U.S. government agency on Tuesday rejected a protest filed by Boeing Co and Lockheed Martin Corp against a multibillion-dollar bomber contract awarded to Northrop Grumman Corp by the U.S. Air Force in October. The decision by the U.S. Government Accountability Office marked another setback for Boeing, which is facing job cuts in its commercial division and a reported federal investigation into whether it properly accounted for two jetliners, the 747 and 787. Ralph White, GAO’s managing associate general counsel for procurement law, said the GAO found no basis to sustain or uphold the protest against the Northrop contract, which analysts value at over $80 billion. Read more on this. The Boeing Company (BA) , with a current market cap of $74.60B, began trading this morning at $109.73. Looking at today’s market, BA one day range is $109.00 to $112.76 and has traded between $102.10 and $158.83 over the past year. Priced at 12.80x this year’s forecasted earnings, BA shares are relatively inexpensive compared to the industry ’s 40.18x forward p/e ratio. And for passive income investors, the company pays shareholders $4.36 per share annually in dividends, yielding 4.01%. Consensus earnings for the current quarter by the 16 sell-side analysts covering the stock is an estimate of $1.85 per share, which would be $0.12 worse than the year-ago quarter and a $0.34 sequential decrease. The full-year EPS estimate is $8.49, which would be a $0.77 better than last year. The quarterly earnings estimate is predicated on a consensus revenue forecast of $21.88 Billion. If reported, that would be a 1.22% decrease over the year-ago quarter. Recently, JP Morgan downgraded BA from Overweight to Neutral (Feb 12, 2016). Previously, Standpoint Research upgraded BA from Hold to Buy. With the above information in mind, readers should note that the average price target is $143.21, which is 30.51% above where the stock opened this morning. See more in (NYSE:BA) Similar Articles: Stock Update (NYSE:LMT): U.S. agency rejects Boeing protest of Northrop bomber contract Market Update (NYSE:BA): Boeing, Lockheed Martin Protest Air Force Bomber Contract Award Company Update (NYSE:BA): Boeing nears decision on protest of U.S. bomber award to Northrop
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