Boeing’s (NYSE:BA) Global Services Revenue fell from $18.3 billion in 2019 to about $16 billion in 2021. However, we expect the number to recover to $17 billion in 2022 and to almost $18 billion by 2023.
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While sales declined in 2020 due to the impact of the Covid-19 pandemic, we expect it to recover strongly from 2022 onwards driven by stronger global economic growth and aerospace and defense spending.
We think that BA stock is undervalued at current levels. We value BA at $257 per share, 33% ahead of the current market price.
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