Boeing's market value has plunged by $40 billion from its 2019 peak
- Boeing's stock has lost more than $40 billion of market value from its 2019 peak.
- Shares have slumped about 15% since topping out on March 1.
- Wall Street analysts remain bullish on the company despite the slide, with 21 buys and only 2 sells.
- Watch Boeing trade live.
Sunday's crash of a Boeing 737 Max 8 aircraft operated by Ethiopian Airlines continued to pressure Boeing's stock Tuesday, with shares trading down more than 5%. That follows a drop of 5.3% on Monday.
And while the two days of selling have wiped out $26 billion of market value, Boeing shares have been under pressure all month. The stock topped out at $446.39 on March 1, and was under pressure even before Sunday's disaster. It's now down more than 17% from its 2019 peak - a drop of $40 billion in market value.But the recent selling has been unable to sway Wall Street analysts, who remain largely bullish on Boeing shares. Among the analysts surveyed by Bloomberg, 21 had a "buy" rating while only 2 had "sell."
In a note published on February 27, Morgan Stanley raised its price target to $500, representing an increase of 17% at the time. "We see continued upward momentum in BA shares," wrote Morgan Stanley analyst Rajeev Lalwani. "In fact, we see a clear path to $500 given broadly higher market multiples alongside a potential order boost from China trade resolution."
Both Sunday's crash of an Ethiopian Airlines flight, which killed all 157 on board, and the fatal crash in October of a Lion Air flight in Indonesia involved Boeing's 737 Max 8 plane. More than a dozen airlines as well as the governments of China, Indonesia, Australia, and Singapore have grounded the aircraft. Boeing has more than 5,000 orders outstanding for the 737 Max 8 aircraft, which is expected to be a large driver of business in the years ahead.
Boeing's stock was up 16% this year, including Tuesday's sell-off.
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