'You're going to be happy you own this stock in 3 years' if you buy now, top strategist says (via TradingNation)
It just got worse for one of the Dow dogs.fell further Tuesday, to about $322 a share, a day after tumbling on reports that were later confirmed that the company was suspending 737 Max production. The model has been grounded since March following the second of two fatal crashes in five months.
"The stock should be in the $200 range if you look at all of the catastrophe and mismanagement of message that has gone on in the last year, call it year and a half, yet it still remains at a healthy multiple" Tengler said on CNBC's "Trading Nation" on Monday before news of the suspension was confirmed by Boeing.
"On a valuation basis, it's attractive to us as value managers," Tengler said. "We started adding to holdings in the last month on the expectation that there was not too much more bad news that could happen. I would not encourage your viewers to rush in, but I would say you're going to be happy you own this stock in three years if you buy it at this level.
Relative to the S&P 500, Boeing broke below multiyear support this year, says Wald. It is also the worst-performing Dow stock over the past three months.
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