Boeing Co (NYSE:BA) is steadily progressing toward its annual 737 aircraft delivery target, as it is just one delivery away from achieving the lower-end of its full-year target of 375 to 400 737s, according to Bank of America analysts.
In an update to clients, the analysts increased their price objective on Boeing stock to $275 per share from $250 to reflect a "cyclicals re-rating" as the stock market prices in an easing interest rates' environment.
“We continue to expect Boeing to generate (an estimate of) $15 per share in free cash flow by 2026,” the analysts wrote.
They also noted that Boeing has just four aircraft remaining to achieve its 787 deliveries target of 70 to 80 planes in 2023.
Analysts at Bank of America added, though, that the company’s long-awaited Juneyao 787 delivery flight, the first to China in over two years, has been postponed until December 31 for unknown reasons and given the unstable relations between China and the US, estimating an exact delivery time remains difficult.
Shares of Boeing rose nearly 1% to $262.53 in late-afternoon trading on Tuesday and have gained 34% year to date.