Boeing Bull Ratings Rise to Highest Level Since 2022
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None of the 32 analysts tracking Boeing now rates it a sell, and the buy ratio has hit its highest since October 2022 — yet the stock remains nearly 50% below its all-time peak, with earnings far from pre-pandemic levels.
What triggered the collective upgrade?
Argus Research analyst Kristina Ruggeri upgraded Boeing from hold to buy this Tuesday, citing expectations of a meaningful ramp in production.
Roughly ten days earlier, BNP Paribas analyst Matthew Akers dropped what had been the only sell-equivalent rating, issued one of the Street's highest price targets, and declared that "Boeing's post-pandemic uncertainty is over" — projecting the stock could nearly double by 2030.
This means → Wall Street's debate has shifted from "can Boeing survive?" to "how fast does it recover?" The last bear has stepped aside.
What gave analysts the confidence?
Last week, Boeing's 737 Max 7 received FAA type certification, closing a nearly decade-long approval process marked by two fatal crashes and multiple quality incidents.
Boeing's latest quarterly results showed free cash flow — the cash left after all necessary spending — significantly beating market expectations.
In plain terms = analysts wanted proof of execution. A certification and a cash-flow beat landing at the same time gave them exactly that.
What are the most bullish voices saying?
Tigress Financial CIO Ivan Feinseth carries a buy rating with the Street's highest price target at $305, saying "after years of struggles, it's time for Boeing to shine."
Boeing CEO Stephanie Pope called the 737 Max 7 certification "a pivotal moment in Boeing's recovery."
Wealth Alliance president Eric Diton offered a caveat: "It may be premature to declare a 'new era,' but the shift in momentum is unmistakable."
Have the stock and earnings kept up?
Boeing shares are up only about 6% year-to-date, lagging the S&P 500's roughly 13% gain and Airbus's roughly 8% rise — sentiment has warmed, but the stock has not outperformed.
The stock hit an all-time high of $440.62 in March 2019 and has since fallen nearly 50%; over the same span the S&P 500 rose about 180%, the Dow doubled, and Airbus gained nearly 90%.
This reflects a market still pricing Boeing as "a patient in recovery," not "a champion back on its feet."
Can the collective bull case hold up?
Analysts project Boeing's 2025 free cash flow at roughly $2.44 billion, far below the $13.6 billion generated in 2018; per-share losses are expected at about $0.83, versus EPS of $16.01 in 2018.
The forward 12-month price-to-sales ratio — a valuation multiple based on expected revenue — sits at roughly 1.7×, already above the ten-year average of 1.5×.
In plain terms = analyst conviction has raced ahead of actual earnings. Ratings have flipped bullish, but profits are nowhere near old highs. Whether Boeing can keep delivering on its production ramp and cash-flow targets is the real test of whether this upgrade cycle holds.
Content is for reference only, not financial advice.