Shares of Boeing Co. rallied $4.09, or 1.7%, in afternoon trade to a record high, enough to pace the gainers in the Dow Jones Industrial Average , after Canaccord Genuity raised the price target ahead of the aerospace giant’s investor gathering next week. The stock’s price gain was adding about 28 points to the Dow’s price, which was up 65 points, also at a record high. Canaccord analyst Ken Herbert raised his target to $235, which was still 5.7% below current levels, from $215, while keeping his rating at hold given concerns over valuation. At the annual investor meeting on Sept. 18 to Sept. 19, Herbert said he expects Boeing to provide some new information on the 787 cost and execution progress and substantial discussion on the state of the commercial market. “[Boeing] is clearly benefiting from both macro and company-specific tailwinds, but we believe the upside potential is largely reflected in the stock price,” Herbert wrote in a note to clients. The stock has run up 27.6% over the past three months, while the Dow has gained 4.3%.
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