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Author: Alan LittleDate: 2020-10-19

Boeing (BOE) 737 MAX set for take-off as shares rise 3%

Boeing (BOE) shares closed 3.45% higher on Friday after the aerospace company got the green light from European regulators to start using its 737 MAX jets for passenger flights by as early as late December.

Boeing’s fleet has been grounded for the last 19 months following two fatal accidents, but it is now set to gain recertification from the Federal Aviation Administration (FAA) in the US in November, according to reports.

The European Union Aviation Safety Agency also said on Friday that changes made to the 737 MAX were sufficient to enable it to take off on the continent in the near future.

It means that customers would be able to book seats on flights by the end of this month (24th October), ahead of a potential return to the skies on 29th December 2020.

However, United Airlines (UAL) said that it would wait a little longer before using its 14 MAX 737 jets.

A spokesperson for the US carrier said: “And at this point, we don’t have them in the schedule this year, so likely sometime next year based on the schedule we hear from the FAA and Boeing.”

Boeing shares rose steadily on the London Stock Exchange during the final session of the week.

After reaching an intraday high of $172.70 in the early afternoon, shares dipped slightly but still ended up 3.45% at $168.70.

Analysts are still mixed on BOE stock though, with six sell, 15 hold and nine buy ratings equating to a consensus at hold.

The average price target is $209.07.

Pfizer (PFE) shares also climbed 3.83% on Friday on the news that its COVID-19 vaccine could be rolled out before the end of the year.

The company is seeking emergency use approval for next month in the US, while the UK is in line to get up to 40m jabs as early as the new year.

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