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Vertical Research Partners downgrades Boeing: 'Throwing in the towel'

An employee walks past a Boeing 737 Max aircraft seen parked at the Renton Municipal Airport in Renton, Washington, January 10, 2020.
Lindsey Wasson | Reuters

As Boeing's fallout from the 737 Max crisis continues, Vertical Research Partners said it's "throwing in the towel" on the stock and downgrading it to a hold rating.

On Wednesday the firm made "major" cuts to its estimates for 2019-2022, saying "it could get worse before it gets better" and that the company has unresolved issues beyond the 737 Max.

Vertical Research Partners also lowered its target on Boeing to $294, which is 6% below where the stock currently trades. Boeing shares have slid 17% over the last 6 months, so the firm did acknowledge that it was "belatedly downgrading" the stock.

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