Some Wall Street analysts are starting to throw in the towel on Boeing after keeping buy ratings on the stock throughout the 737 Max controversy as new revelations at the end of last week appeared to raise new risks for the stock.
Credit Suisse and UBS both downgraded the shares to neutral from buy on Monday with both citing the news that broke on Friday that a Boeing pilot had warned about problems with the 737 Max system implicated in two crashes and said he had “unknowingly” lied to regulators. He complained in the messages that the MCAS flight-control system was difficult.
Boeing shares fell another 2% in premarket trading Monday, following a 6.8% decline on Friday. Here’s what the downgrades said: