Manufacturer of airplanes Boeing (NYSE:BA) ticked higher in pre-market trading as top-rated RBC Capital analyst Kenneth Herbert upgraded the stock to a Buy from a Hold and raised its price target to $275 from the earlier $200.
The analyst believes that Boeing could fly high next year due to a favorable outlook and the possibility of improved execution on the company’s MAX and 787 airplanes. Herbert commented, “We believe buy-side expectations for 2024-2025 [free cash flow reflect conservatism, and as execution on the MAX and 787 continue to gradually improve, we believe the potential for positive revisions is growing.”
Is BA a Good Buy Right Now?
Analysts remain bullish about BA stock with a Strong Buy consensus rating based on 15 Buys and three Holds. Year-to-date, BA stock has surged by more than 10%, and the average BA price target of $249.67 implies an upside potential of 13.85% at current levels.