Bank of America analysts expressed optimism about Boeing (NYSE:BA), stating that the worst is behind the company. As a result, the analysts upgraded the stock's rating from Neutral to Buy.

Following the release of Boeing's second-quarter results, shares in the aerospace and defense giant experienced a substantial surge of more than 8% on Wednesday. The company reported revenue of $19.75 billion, surpassing the Street's expectations of $18.49 billion. Even more promisingly, Boeing announced that it generated $2.58 billion in adjusted free cash flow, while analysts had predicted outflows of $73.6 million.

BofA particularly emphasized the strong demand for Boeing's planes, noting they believe that the company can continue to grow, even if it maintains its approximate 40% share of the narrowbody market. Additionally, analysts expect the Boeing 787 to remain the preferred choice in the widebody market, holding the majority of the market share compared to its competitors.