12:19 PM EDT, 04/25/2024 (MT Newswires) -- Boeing ( BA ) shares hit a 52-week low Wednesday as investors were "highly disappointed" by recent setbacks such as issues with the 787 production line and the rating downgrade by Moody's, BofA Securities said in a note Thursday.

The company's plan to fund the potential Spirit AeroSystems ( SPR ) acquisition through an equity offering and possible backing of an internal replacement for the chief executive contrary to market preference for an outsider exacerbated investor sentiment, according to the note.

The firm said Boeing ( BA ) brought back the equity funding option to preserve its investment credit rating.

The company's Chief Executive David Calhoun actively backed Stephanie Pope as his successor, with several candidates in the mix including David Gitlin, the note added.

BofA analysts said they expect the succession process and subsequent election of a new chief executive to add significant uncertainty to Boeing ( BA ) in the near term.

BofA Securities cut its price target on the stock to $180 from $190 to reflect a market de-rating, and reiterated its neutral rating.

The company's shares were down 2.1% in recent trading.

Price: 160.88, Change: -3.45, Percent Change: -2.10