Though Wall Street research firms seldom highlight their incorrect calls, RBC Capital conceded in a note to clients that its previous underperform rating on Boeing shares was a mistake.
The firm raised its rating on the aircraft maker's stock to sector perform from underperform.
"Our negative call on Boeing was predicated on margin headwinds in Boeing Commercial Airplanes," wrote analyst Matthew McConnell. "We are capitulating on our Underperform rating as Boeing executes well on cash flow, Boeing Commercial margins, and the production ramp on the 737."
Boeing's performance this year is the best in the Dow Jones industrial average, rising 36 percent before second quarter earnings earlier this week. Since Wednesday's earnings beat, the stock jumped an additional 13 percent. and it's up 54 percent since January. The Dow is up 10 percent this year.
Boeing shares rose 3 percent in early trading Thursday morning.