Shares of Boeing Co. jumped Monday amid a broader market rally after a Goldman Sachs analyst upgraded the aerospace company on its potential for growth in the near future.
Boeing shares rose $3.93, or 5.9 percent, to $70.65 in afternoon trading. The stock has ranged from $38.92 to $76 over the past year.
Analyst Noah Poponak cited a number of near-term drivers in a client note Monday, including Boeing's exposure to emerging economies, stabilizing aircraft financing markets and improving global air traffic. He raised his rating on the stock to "Buy" from "Neutral" and increased his share price target to $90 from $82.
The analyst suggested investors buy shares that were battered in last week's selloff. He thinks the stock should move sharply higher as he expects the company to exceed Wall Street's current earnings estimates at least through next year. Possible upcoming catalysts include discussions with analysts later this month, a second-quarter production announcement for the Boeing 737 and the Farnborough Air Show in July, he said.