Langenberg raised Boeing’s stock rating from Hold to Buy and set a $250 price target. According to Sina Finance, analyst Brian K. Langenberg said delayed production increases for the 737 and 787 do not fundamentally change Boeing’s long-term outlook, citing its $745 billion backlog and growth prospects for its defense business. Orders across all business segments grew by double digits year over year. The firm’s renewed bullish view came as Boeing’s market capitalization was about $15 billion lower than before, offering what it considered a more attractive buying opportunity.

Boeing’s defense expansion was another reason for the rating upgrade. In the third quarter, the company received a contract for the U.S. Navy’s next-generation F/A-XX fighter program. Together with its previously secured U.S. Air Force F-47 fighter program, this expands Boeing’s advanced fighter portfolio beyond its existing F-15 and F/A-18 businesses.

Boeing’s latest third-quarter results also showed operational pressure. Revenue rose 4% year over year to $24.19 billion, slightly below the $24.39 billion market estimate, while its adjusted loss was $0.34 per share, wider than the expected $0.24. The company generated positive free cash flow of $464 million and delivered 161 commercial aircraft, its highest number since 2018. Boeing maintained its long-term cash flow target, aiming for $10 billion in free cash flow by 2029.