Bernstein upgraded Boeing stock to "outperform" this morning
Boeing Co (NYSE:BA) is up 2.3% at $182.09 this morning, after Bernstein upgraded the stock to "outperform" from "market perform." The firm said the aerospace giant "should be on a much firmer path than in 2023" as the company works to recover from the fallout of the 2024 Alaska Airlines incident and rebuilds confidence after earlier 737 Max controversies.
BA is now up 3.3% year-to-date and has extended its year-over-year lead to more than 9%. The equity is fresh off its third-straight weekly win, though it is now facing a familiar hurdle on the charts. The $185 level -- which capped a rally attempt in late March -- is once again emerging as resistance.
Despite the improving technical setup, options traders remain largely cautious. Options volume is running at double the intraday average, with 20,000 calls and 16,000 puts exchanged so far today. The most popular contract is the May 175-strike put.
Put volume has been on the move for a while now. Per the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), BA's 10-day put/call volume ratio of 1.03 sits in the 94th percentile of its annual range.