Boeing Co. shares are gaining renewed investor confidence after Bank of America Corp. upgraded the stock to a “buy,” citing its central role in U.S. trade negotiations under the Trump administration and a recent string of major international deals.
BofA analyst Ronald Epstein raised Boeing’s 12-month price target to $260—the highest on Wall Street and roughly 25% above current trading levels—from a previous target of $185. In a research note released Monday, Epstein said the administration’s practice of including Boeing aircraft in trade deals is helping reposition the stock as a strategic asset and a buying opportunity.
“Boeing aircraft have emerged as a favored trade mechanism in recent U.S. trade negotiations, which we suspect will continue,” Epstein wrote. He pointed to the record aircraft order from Qatar Airways and China’s recent decision to lift its delivery freeze on Boeing planes as key catalysts behind the upgrade.
Boeing shares rose as much as 2.1% on Monday. The stock has rebounded more than 50% since its April low, but it remains well below pre-crisis levels following a serious midair incident in January 2024 involving a 737 Max aircraft. The blowout of a cabin panel renewed concerns over Boeing’s quality controls and significantly damaged investor trust.
The company, now under new CEO Kelly Ortberg, has been working to restore its reputation and financial stability. Epstein said Boeing is making tangible progress in breaking free from what he called a “doom loop,” with improvements in 737 production and a series of strategic moves—such as April’s $10.6 billion asset sale—helping to strengthen its balance sheet.
Boeing’s geopolitical relevance also appears to be rising once again. The company has long been seen as a bellwether in U.S.-China trade relations. During President Trump’s first term, Boeing shares were whipsawed as markets interpreted aircraft orders—or the lack thereof—as proxies for trade tensions. The pattern has returned during Trump’s renewed trade offensive in his second term.
The Qatar Airways deal took center stage during Trump’s recent visit to Doha, where he praised Boeing for clinching its largest-ever aircraft order. At the same time, the president ramped up criticism of China’s delays in fulfilling previous aircraft purchase agreements.
“Boeing should default China for not taking the beautifully finished planes that China committed to purchase,” Trump wrote on social media in late April. “This is just a small example of what China has done to the USA, for years.”
While regulatory concerns and reputational damage from the 737 Max crisis continue to weigh on Boeing’s long-term outlook, analysts suggest the recent shift in geopolitical and operational dynamics could provide a tailwind. With trade diplomacy, improved manufacturing output, and major international deals converging, Boeing may be on course to reclaim higher altitude—both in the market and in the skies.
