Boeing Shares Drop after New Negative Outlook

Aircraft manufacturer Boeing shares fell more than 1 percent at the end of Wednesday's trading, recording its fourth drop in a row.

Vice president of JP Morgan Seth Seifman had earlier cut Boeing's target share price to $ 430 from $ 450, reducing the adjusted earnings per share to $ 19.35 from $ 20.60.

[caption id="attachment_44955" align="aligncenter" width="501"] Boeing stock prices after crash[/caption]

Seifman also reduced the 2020 earnings per share estimates to $ 22.30 from $ 23.50.

The US company has announced earlier a steep drop, with a decline of more than 50 percent, in the delivery rate of the 737 aircraft during Q1 2019. A global suspension trend hit the company after Ethiopian and Indonesian airlines fatal crash indicated tilting problems.

[caption id="attachment_44956" align="aligncenter" width="499"] Major airlines with 737 Max in their fleet[/caption]

Boeing's share price fell 1.6% to record $ 364.94 at the end of trading.