Shares of Boeing (NYSE:BA) are rallying today after it received confirmed orders from Saudi Arabian Airlines and Riyadh Air. According to Yahoo Finance, the two airlines placed firm orders for 78 planes and have the option to purchase an additional 43.
It is estimated that the purchase could be worth around $40 billion. For reference, this equates to almost one-third of Boeing’s market cap. The company has been growing its backlog as it has received other large orders in recent months from companies like Air India and United Airlines (NASDAQ:UAL).
Overall, Wall Street analysts have a consensus price target of $234.33 on BA stock, implying over 11% upside potential, as indicated by the graphic above.
