Boeing's annual free cash flow target of $10 billion may be delayed by about two years to 2027-28 and it would have to raise $30 billion before developing a new aircraft, Wells Fargo said and downgraded the stock.

Shares of Boeing fell nearly 8% after Wells Fargo downgraded the company to an underweight rating and cut its price target on the stock. Boeing's stock was on pace for its worst day since January and recently shaved about 90 points off of the Dow Jones Industrial Average.

Key Takeaways Wells Fargo warned about Boeing's free cash flow and downgraded the stock.Analyst Matthew Akers also slashed the price target to $119 from $185.Akers said the bank expects Boeing's free cash flow to peak in 2027.

Akers expects Boeing's free cash flow to peak by 2027 as future aircraft development costs offset production growth, and he believes an equity raise is likely. Boeing's debt ballooned to $45 billion due to the crisis. Paying that off would consume all its expected cash through 2030, according to Akers.

Boeing’s stock took a beating Tuesday, after Wells Fargo warned investors to get out, as whatever decision the troubled aerospace giant makes on what to do with its cash and debt will likely be bad for the stock.

Wells Fargo analyst Matthew Akers downgraded the stock to the equivalent of Sell from Hold, and slashed his price target $119 a share from $185.