Boeing Co. (BA) announced on Wednesday it will reduce production of its 787 and 777/777X aircraft since the ailing planemaker submitted a bigger loss than estimated.Shares dropped 3% to $165.64 in early afternoon trading. Boeing reported that the sharp fall in demand in the aviation sector on account of this coronavirus pandemic and those fallout of the 737 MAX aircraft are forcing the company to take a few measures involving additional adjusting commercial plane production prices and cutting jobs.As portion of these steps, the production speed of Boeing’s 787 will soon be decreased to 6 aircraft each month at 2021. Additionally, the 777/777X joint production rate will be cut to two per month at 2021, together with 777X initial delivery targeted for 2022. For the time being, production rates haven’t changed over the 767 and 747 programs. Commercial planes delivered 20 planes during the next quarter, also backlog comprised over 4,500 airplanes.“The diversity of our balanced portfolio and our government services, defense and space programs provide some critical stability for us in the near-term as we take tough but necessary steps to adapt for new market realities,” stated Boeing CEO Dave Calhoun. “We are taking the right action to ensure we’re well positioned for the future by rebuilding trust and transforming our business to become a better, more sustainable Boeing. Air travel has always proven to be resilient – and so has Boeing.”At the next quarter, the US aerospace giant submitted a adjusted $4.79 loss per share, which is much bigger than analysts’ estimates for a reduction of $2.54. Total earnings plummeted 25% to $11.81 billion in the quarter, under analyst consensus of $13.16 billion.Debt was $61.4 billionup from $38.9 billion in the start of the quarter on account of the issuance of new debt, partly offset by repayment of maturing debt.Boeing upgraded investors that it currently expects to restart 737 MAX deliveries to clients more towards the close of the year in america, a delay by an earlier estimate for the end of September. This may signify that the plane’s resumption to support could proceed to next calendar year. Even the 737 MAX aircraft have been grounded since March 2019 after another crash.Boeing stocks have shrunk 49% this year since the coronavirus travel constraints led to a deep dip in the amount of jets and services its clients need during the upcoming few decades. Therefore, international airlines enduring billions of dollars in losses are trying to cancel or postpone a few of the orders that they have with all the planemaker.Following the fiscal outcomes, Cowen & Co analyst Cai Rumohr revealed a Hold rating on the stock using a $150 price goal, stating that investor attention will probably be on “BA’s ability to get customers to accept its sizable inventory of completed MAX and manage its destock while sustaining the supply base.”In accordance with Rumohr, the remainder of this Street is sidelined on the stock. Seven 3 Sells, and 7 Purchase evaluations provide Boeing a Hold Representative consensus. Meanwhile, the $186.69 typical analyst price goal suggests 12% upside potential from the stocks over the upcoming year. (Watch Boeing stock evaluation on TipRanks).Related News: Boeing Can Be Thought to Delay New 777X As Importance For Big Jets Throttles Avolon Cancels 27 Of Boeing 737 Max Aircraft Order American Airlines, JetBlue Partner To Boost Flight Options In Bid To Get Covid-19 RecoveryMore recent posts from Smarter Analyst: