Boeing’s stock falls on analyst’s rating

The Boeing Co.’s stock dropped 6.9 percent Wednesday to a 52-week low after an analyst downgraded the aerospace company’s rating.

Goldman Sachs cut Boeing’s rating to “sell” from “neutral” as high oil prices continue to plague airlines. The rating forced Boeing’s shares under $70 for the first time in two years. The company’s stock closed at $69.64, down $5.15.

Boeing’s stock has dropped more than $37 in the last year, hitting a high of $107.83 last July after the company rolled out its new 787 jet here in Everett. The company since has delayed the delivery of its fuel-efficient Dreamliner by at least 15 months.

The aviation industry expects to lose $2.3 billion this year due to soaring fuel costs.

The decline in Boeing’s stock comes just days before a company employee incentive plan comes due. Its Share Value Trust distributes stock awards to most Boeing employees, including its machinists and engineers unions. The award depends on the company’s stock price as of June 30.