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3/12, 7:27 AM (Source: TeleTrader)
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JPMorgan cuts its rating for Boeing to neutral

Investment bank JPMorgan Chase & Co. cut on Thursday its rating for the Boeing Company from overweight to neutral slashing its price from $370 to $210.

Boeing lost one-fifth of its market value yesterday when it decided to preserve cash tapping $13.8 billion loan company arranged a month ago. David Calhoun, chief executive, and Greg Smith, chief financial officer confirmed that "on top of the work of safely returning the 737 Max to service and the financial impact of the pause in Max production, we’re now facing a global economic disruption generated by the Covid-19 coronavirus."

Back in January, 737 Max production was shut-down, after the plane model carrying 157 persons, crashed on its way from Ethiopia to Kenya last year.

Breaking the News / TF