Wall Street Flocks to Boeing on Signs of Recovery

Wall Street's sentiment towards Boeing (BA.US) has intensified, with analysts assigning 'Buy' ratings at their highest level in nearly four years. The surge in optimism follows consecutive rating upgrades by Argus Research Corp. and BNP Paribas, with none of the 32 tracked analysts advising selling the stock.

The enthusiasm is driven in part by Boeing's recent certification from the U.S. Federal Aviation Administration (FAA) for its 737 Max 7 jetliner, a nearly decade-long process marred by fatal crashes and quality control issues. Chief Operating Officer Stephanie Pope described it as a 'pivotal moment in Boeing's recovery.'

Despite the positive signs, Boeing's stock price remains below its pre-pandemic peak of $440.62 set in March 2019, having fallen nearly 50% since then while the S&P 500 Index rose approximately 180%. Analysts expect Boeing to report free cash flow of around $2.44 billion this year, compared with $13.6 billion in 2018.

Matthew Exel, a BNP Paribas analyst who previously assigned an equivalent of a 'Sell' rating to the stock, now believes the company's era of post-pandemic uncertainty has ended and that it has the potential to nearly double from current levels by 2030.