BA: Wells Fargo Industrials & Materials Conference Takeaways

Research evidence excerpt

BA: Wells Fargo Industrials & Materials Conference Takeaways

Equity Research

Flash Comment — June 9, 2026

Aerospace & Defense

The Boeing Company

Wells Fargo Industrials & Materials Conference Takeaways Overweight

Price Target: $250.00

Ticker BA

Our Call Upside/(Downside) to Target 17.1%

We hosted meetings with CFO Jay Malave and IR Michael Harris at the Wells Fargo Price (06/09/2026) $213.45

Industrials & Materials Conference. 52 Week Range $176.77 - 254.35

Market Cap (MM) $168,199

Source: Company Data, Wells Fargo Securities estimates, and Factset.Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

737: Recently held FAA capstone review, rate increasing to 47/mo. Six months between

increases expected, with increased challenge related to supply chain and internal David Strauss

operations as rates progress. Unit economics improvement expected from 52/mo to 63/ Equity Analyst | Wells Fargo Securities, LLC

David.Strauss@wellsfargo.com | 212-214-8052

mo. Quality from SPR assets has improved significantly. $1B investment announced in

May prepares for 52/mo rate on 737 and 12-14/mo on 787. 737 deferred production to Joshua Korn

peak and begin to reduce next year. Associate Equity Analyst | Wells Fargo Securities, LLC Joshua.T.Korn@wellsfargo.com | 212-214-6421

Ben Tomick

777X: No change to cert timeline from what was expected back at beginning of year with Associate Equity Analyst | Wells Fargo Securities, LLC

BA workingtoward certification by end of 2026. ETOPS expected later this summer and Ben.Tomick@wellsfargo.com | 332-295-4224

can occur with other flight testing. BA is receiving advances now.

787: Still expect 90-100 deliveries this year despite slower than expected deliveries YTD

on engine challenges and seat cert delays.