(Bloomberg) — Boeing Co. shares slumped Tuesday after Wells Fargo & Co. issued a rare bearish assessment of the stock, saying there was little upside potential for the stock.

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Shares fell as much as 8.3%, hitting their lowest daily level since November 2022, as analyst Matthew Akers downgraded his recommendation on the company to “underweight” from “equal weight,” becoming one of only three of the more than 30 analysts tracked by Bloomberg to issue a sell rating on the stock. The stock had fallen 33% this year through Friday.

In a note Tuesday, Akers said he expects free cash flow per share – the plane maker’s key valuation metric – to peak by 2027 as aircraft development costs offset continued production growth. Akers also said he expects stock dilution from the offering of additional shares.

“Another significant capital increase will be required in the coming years, which would further dilute the shareholder interest,” Akers wrote in a statement. He pointed to other risks, including wage negotiations and a slowdown in demand from airlines.

Boeing did not respond to a request for comment.

– With support from Julie Johnsson.

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