Argus Upgrades Boeing to 'Buy', Sees Potential 14% Rally
Boeing shares have been relatively flat in the first seven months of this year, but Argus Research analyst Kristina Ruggeri believes the second half will be different. She has upgraded Boeing to 'Buy' with a price objective of $265, indicating potential for a 14% rally from current levels.
Ruggeri cites the company's impressive execution in ramping up commercial aircraft production as a key reason for her upgrade. With a massive order backlog, Boeing has exceptional visibility into future revenue as it continues to stabilize assembly lines and accelerate delivery cadence.
Boeing recently reported market-beating earnings for its fiscal Q2, with an 8% year-over-year increase in revenue to $24.56 billion. Ruggeri expects 'strong order backlog, solid revenue growth, and margin improvement' to continue in the coming quarters.