On August 3, Boeing rose 4.1% in regular trading, trading at $223.69/share, with turnover of $205 million. The rally was primarily driven by BNP Paribas upgrading Boeing from Underperform directly to Outperform, a rare double-notch upgrade.

According to analyst consensus polled by FactSet, Boeing now carries an average overweight rating with a mean price target of $276.16. The upgrade follows a wave of bullish sentiment from multiple investment banks, including JPMorgan raising its target to $290, Jefferies maintaining a Buy rating with a $295 target, and Deutsche Bank also lifting its price target in recent weeks.

Fundamentally, Boeing's Q2 results reported on July 28 continue to support the positive momentum. Revenue reached $24.56 billion, up 8% year-over-year, driven by 171 commercial aircraft deliveries. Free cash flow of $631 million marked a return to positive territory, while the backlog hit a record $715 billion. Management reaffirmed full-year free cash flow guidance of $1-3 billion and noted the 737-10 has completed its final test flight.

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