Boeing Shares Jump as BNP Paribas Exane Upgrades to Outperform

Boeing shares rose by 4% on Monday morning after analyst firm BNP Paribas Exane upgraded its rating to Outperform from Underperform in a significant reversal. This marks one of the most dramatic bullish pivots an analyst can make, and it reflects a fundamental reassessment of Boeing's recovery trajectory.

The upgrade came as Boeing reported second-quarter 2026 results that showed revenue climbing 8% year over year to $24.56 billion, beating analyst expectations of roughly $23.95 billion. The company also generated $0.6 billion in positive free cash flow during the quarter, a milestone markets had been treating as a critical proof point in the company's financial recovery.

Boeing CEO Kelly Ortberg characterized the underlying trajectory of the business positively following the results, stating 'Our operations are more stable and key certification programs remain on plan.' The company reaffirmed its full-year free cash flow guidance of $1 billion to $3 billion and expects full-year operating cash flow of approximately $5 billion to $7 billion.