UPDATE: Citigroup Raises PT on The Boeing Company on Better Cash Outlook

In a report published Wednesday, Citigroup analyst Jason Gursky reiterated a Buy rating on The Boeing Company (NYSE: BA), and raised the price target from $122.00 to $142.00.

In the report, Citigroup noted, “We're tweaking our cash outlook and updating our market multiple to more closely reflect Boeing Commercial's (BCA) growth opportunities ahead. Our new target PE multiple of 17x for BCA reflects a PEG of ~1x through 2015E. We've also rolled our estimates forward to 2015 as we expect investors to focus on those numbers a year from now. We maintain our Buy rating and boost our PT to $142 based on a blended target PE multiple of 15.9x.”

The Boeing Company closed on Tuesday at $119.00.