Boeing Shares are Downgraded by Cowen as Ukranian Boeing Plane Crashes

Cowen lowered its rating on Boeing this week to “market perform” from “outperform,” citing that the company’s turnaround would “take time” as it works on fixing its 737 Max aircraft issues.

According to Cowen, the turnaround is blamed on the extended 737 Max crisis for piling on the company’s costs and delaying production.

Recently Boeing had replaced CEO Dennis Muilenburg with David Calhoun. Cowen remarked that Calhoun is “a good choice for CEO.”

Two of the company’s 737 Max planes had crashed within five months killed 346 people, resulting in the aircraft being grounded worldwide.

This week a Ukrainian Boeing plane crashed in Iran, killing 176 people. Ukraine International Airlines released the names of the 176 people aboard Flight PS752 when it crashed in Iran Wednesday while en route to Ukraine.
The victims include 82 Iranians, 63 Canadians, 11 Ukrainians, 10 Swedes, four Afghans, three Germans and three British nationals, according to Ukraine’s Foreign Minister.

The Cowen note did not mention the Iranian crash. The aircraft was not a 737 Max model and operator Ukraine

International Airlines said the cause of the crash was not immediately known.

Disclaimer: We have no position in Boeing Co. (NYSE: BA) and have not been compensated for this article.