Boeing's lower than expected first quarter earnings last week led to a sharp drop in its share price, with a market value of less than $100 billion. As of Tuesday's close, the company's market value was $90.8 billion, lower than the valuation of Musk's Rocket Company SpaceX In October 2021, the valuation of SpaceX in private market transactions reached $100 billion.
This made the pioneer company developing reusable rockets the fourth most valuable aviation and defense company in the world, second only to Raytheon technologies, Lockheed Martin and Boeing at that time. Airbus ranked fifth, with a market value only slightly lower than SpaceX.
Now, SpaceX's ranking has risen to third place, second only to Raytheon and Lockheed Martin, Boeing ranks fourth, and Airbus still ranks fifth, but its market value has fallen to about $82 billion.
Of course, market value is only a way to measure value. Enterprise value includes debt level and cash level. According to this standard, Boeing still ranks third, ahead of SpaceX.
Wall Street still likes Boeing shares. Three quarters of the analysts tracking the company rated its shares as buy, while the average buy rating ratio of S & P 500 stocks was about 58%. Analysts gave the stock an average target price of about $236, about 54% higher than Tuesday's closing price of $153.58.
