10:39 AM EDT, 10/30/2025 (MT Newswires) -- Boeing's ( BA ) financial outlook over the coming years remains constrained as unit economics and working capital trends continue to be impacted in the near-medium term, Deutsche Bank said in a Thursday research note.

The brokerage cuts its 2026 free cash flow guidance by 56% to $2.10 billion, 2027 guidance by 40% to $6.0 billion, and 2028 forecast by 9% to $11.2 billion, citing reduced unit accounting margin estimates, advances headwinds, less favorable inventory assumptions, and higher capex, according to the note.

Deutsche Bank said it expects most of these headwinds to reverse by 2028 as realized pricing firms up, delivery mix improves, 777X deliveries rise, broader commercial airplane production scales up, and supplier cost inflation slows.

The brokerage sees Boeing's ( BA ) leadership making the correct operational decisions, and the 737 and 787 programs remain the drivers of the stock's long-term terminal value, analysts wrote.

The brokerage downgraded the stock to hold from buy and lowered its price target to $240 per share from $255.

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