Diamonds and Dogs
Boeing (BA) flying higher on an upgrade. Boeing is up 2% leading the Dow higher as the Cowen analyst Cai von Rumohr turned bullish on the aerospace and defense giant, citing improving air traffic and a brighter outlook regarding regulatory oversight. Von Rumohr raised his rating on Boeing to outperform, after being at market perform since January 2020, while boosting her price target to $290 from $240. Von Rumohr said "fast improving air traffic" is bolstering demand for Boeing aircraft, and while lingering oversight from the Federal Aviation Administration and the timing of approval of Boeing's MAX planes in China will limit the upside to 2021 financial results, he believes the outlook for the next three years is brighter.
Bad news for Abbott Labs (ABT) is good news for society. Abbott Labs is down 8% to a six month low after lowering guidance for the year due to declining levels of COVID-19 testing. The company cited three key factors for this decline: Significantly fewer COVID-19 cases in the U.S. and other major developed countries. Increased availability of COVID-19 vaccines globally. Changes to U.S. guidance on COVID-19 testing for fully vaccinated individuals.
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