"What changed for me was the quarter," Leake said. "Boeing put up 11 percent margins, despite the 787 issues. And if you look at the learning curve progress that we saw in the quarter, it's quite clear the 787 is on track to cash profitability."
The learning curve refers to how quickly Boeing is able to bring down manufacturing costs as production of new planes increases.
(Read More: How Boeing Came Back From the Brink)
"There are always learning curve issues when you're introducing a new platform, but I think they've made tremendous progress," Sterne Agee analyst Peter Arment said in the same interview.
He is also bullish on the Boeing free cash flow story, calling it "tremendous."
"We think cumulatively over the next three years they'll generate close to $18 billion in free cash flow," Arment said. "So they'll be able to fund not only their new development efforts, but also buy back a lot of stock."
He said that during the last two delivery cycles Boeing was able to buy back almost 10 percent of its stock. Arment expects that to happen again, which can push shares of the aerospace giant higher.
Arment acknowledged that the sequester has been an overhang, but he expects growth in Boeing's international business to mitigate pressure on its domestic defense business.
(Read More: Boeing 787 Could Face Costly New Challenge)
"In Boeing's case 42 percent of their backlog is international," Arment said. "So their $30 billion defense portfolio is going to hold up quite well over the next few years."
He rates Boeing shares a "buy," with a $100 price target, but said over the long-term there's "tremendous upside" above that target.
—By CNBC's Justin Menza; Follow him on Twitter @JustinMenza