Boeing (NYSE:BA) shares saw an uptick of over 1% intra-day today after Goldman Sachs analysts included the stock in their ‘US Conviction List’. The bank upgraded Boeing from Buy to Conviction Buy, setting a price target of $258.00 on the stock.

After witnessing a 25% drop from its peak during the June air show, the stock is now trading at levels below 10X mid-cycle free cash flow. Goldman Sachs analysts believe that investors are currently more engrossed in near-term challenges, overlooking the company’s long-term fundamentals and steady free cash flow.

The analysts perceive this as a potential buying window, especially considering the company’s prominent position in the global aircraft manufacturing market.

They highlighted the continued strength in air travel and aircraft demand, underpinned by both growth and upgrade requirements. This robust demand has led to an extensive backlog for Boeing, resulting in a notable increase in pricing, which is expected to enhance margins in the future.

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