Boeing (NYSE:BA) saw its shares plunge by over 8% intra-day day, triggered by persistent issues with the Federal Aviation Administration (FAA) leading to an extension of grounding of the company’s 737 MAX 9 airplanes for additional safety inspections. This decision comes in the wake of various production-related issues noted in recent years.

Further exacerbating the situation, Wells Fargo recently downgraded Boeing’s stock from Overweight to Equal Weight, simultaneously slashing the price target from $280 to $225 per share. This move reflects increased apprehensions about the risk impacts on production and delivery, particularly following a recent incident with an Alaska Air flight where a panel on a MAX 9 aircraft experienced a mid-air blowout.

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