Aerospace company Boeing (NYSE:BA) gained in trading on Monday after Emirates Airline confirmed an order for 95 Boeing aircraft worth $52 billion at the Dubai Airshow. As part of this deal, Emirates will buy 55 of Boeing’s 777-9 aircraft and 35 of its 777-8 airplanes, bringing the airline’s total orders for Boeing’s 777X wide-body jets to 205 units.
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In addition, Emirates also raised its order of Boeing 787 Dreamliners from 30 to 35 units.
The Middle East is increasingly becoming an important market for Boeing. According to a CNBC report, citing analysts at AllianceBernstein, the Middle East now accounts “for the largest portion of combined
Airbus and Boeing widebody passenger backlog at 30% of the global total.”
This deal comes amid another report that China could be warming up to Boeing and could end its freeze on the aerospace giant.
Is BA a Good Buy Right Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on BA stock based on 13 Buys, five Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 15% rally in its share price over the past year, the average BA price target of $242.06 per share implies 17.7% upside potential.
