Investing.com – Boeing has had the opportunity to generate “generational” free cash flow this decade, but Wells Fargo analysts say that figure will be reached in “a few years.”

In a note to clients on Tuesday, analysts at Wells Fargo downgraded their rating on Boeing (NYSE:) to “underweight” from “equal weight” and lowered their price target to $119 from $185, citing forecasts that the aircraft maker’s free cash flow per share will peak by 2027 as aircraft development costs outweigh any potential future production growth.

Boeing shares fell more than 8 percent in early U.S. trading.

“We believe Boeing had an opportunity for generational free cash flow this decade, driven by increasing production of mature aircraft and low capital expenditure requirements. However, after significant delays and additional costs, we now see growing cash flow from production leading into a new aircraft capital expenditure cycle that will cap free cash flow in a few years,” the analysts wrote.

They added that a capital increase, partly driven by the company’s need to “repair its balance sheet” and finance a new aircraft production program, was “likely to result in further share dilution.”

Boeing has said it plans to increase production through the end of 2024, despite problems in the supply chain and assembly line following a dangerous tire blowout on one of its 737 Max 9 jets earlier this year. Boeing delivered 43 commercial aircraft in July, the same as the same month last year.

Meanwhile, analysts at Wells Fargo noted that Boeing is also facing headwinds from upcoming labor negotiations, the planned integration of airline supplier Spirit AeroSystems (NYSE:) and “declining airline earnings” that “could impact order intake.”