UPDATE: Sterne Agee Raises PT on The Boeing Company on Very Strong Upside

In a report published Monday, Sterne Agee analyst Peter Arment reiterated a Buy rating on The Boeing Company (NYSE: BA), and raised the price target from $120.00 to $164.00.

In the report, Sterne Agee noted, “We are raising our price target on BA by $44 to $164 (12x 2015E FCF per share) reflecting a new forecast for aircraft deliveries resulting in very favorable FCF during 2014-2018. Our model now reflects higher 787 deliveries as production ramps further in mid decade along with out year increases as the 737-MAX enters production. With ~5,000 aircraft in backlog, BA's unmatched visibility makes it a must-own stock within mega-cap industrials. We see over 50% upside in BA over the next 12-18 months.”

The Boeing Company closed on Friday at $111.33.