The Boeing (NYSE: BA) stock price has fallen below the $100 mark for the first time since 2013 following the 737 Max crisis and now a huge blow from the coronavirus related selloff.

Goldman Sachs believes Boeing stock is now presenting an attractive buying opportunity for investors after dropping 70% since the beginning of the year and being down almost 80% from the all-time high it hit last year.

Goldman Sachs updated the stock to “buy” with a price target of $180. The firm said;

The extreme challenges facing [Boeing] are well-known and widely discussed,” Goldman said, and at this point, the sentiment is near an all-time low, as are expectations, and a lot of bad news is priced in. Now, investors are worried if Boeing can simply remain solvent through the coming recession.”

It’s important to note however that the US government is highly likely to rescue the world’s largest aerospace and defence company.

The government has announced a $58bn bailout package for airline companies while the Pentagon announced an increase of interim payments to defence contractors.

All these factors would help in stabilizing demand for Boeing’s product line. On the flip side, the company could struggle with supply issues as well because of production halts caused by the coronavirus outbreak.  

Reports are suggesting that Boeing has fully utilized its $13.8bn loan facility and the company is now seeking a bailout package from the government. Although Fitch and Moody’s have dropped their credit rating for Boeing, the government’s support in getting easy access to cash and loans would help Boeing overcome the major crisis.

Boeing has also suspended its buyback plans and dividend payments.

Boeing is drawing on all of its resources to sustain operations, support its workforce and customers, and maintain supply chain continuity through the COVID-19 crisis and for the long term,” the CEO Dave Calhoun said.