The firm estimates that this stock could rally almost 20%.
Positive signals are flashing for Boeing shares, according to Bernstein. "We continue to hear skepticism now that shares are more expensive," said analyst Douglas Harned, who has an outperform rating on the stock, in a note to clients Tuesday. "But, when we examine Boeing's current situation alongside twenty years of history, we still see this as an attractive time to buy.
Boeing stock has a history of following free cash flow specifically, Harned said. While the stock is up since last fall, he said there's more upside to come. Harned raised his price target to $252 from $240. His new target implies the stock could gain 19.6% from where it ended Monday's session. The Dow Jones Industrial Average constituent has gained more than 11% since the start of 2023.
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