BofA Securities upgraded Boeing (NYSE:BA) to Buy from Neutral, significantly raising its price target to $260 from $185, citing improving fundamentals and growing strategic importance in global trade deals.

While Boeing’s backlog hasn’t historically driven BofA’s valuation outlook, recent developments have reshaped the narrative. The firm pointed to a series of international aircraft deals—spanning the UK, Qatar, UAE, and China—as evidence that Boeing jets are becoming a preferred bargaining chip in global trade negotiations, potentially setting a trend that benefits the aerospace giant long term.

Beyond trade tailwinds, BofA also highlighted internal progress at Boeing, including signs of production stabilization, cost carve-outs that reduce free cash flow pressure, and a more cohesive strategic focus across its divisions. Together, these factors signal to the firm that Boeing is turning a corner, creating an attractive entry point for investors.