Alembic upgrades Boeing with 737 MAX return 'finally in sight'

Alembic Global analyst Pete Skibitski upgraded Boeing to Overweight from Neutral with a price target of $184, up from $159. The stock in premarket trading is up 3% to $161.35. The rating change catalyst is news last week that European regulators now expect to approve the 737 MAX's return to service by November, Skibitski tells investors in a research note. An approval from the federal Aviation Administration would likely precede that, which "meaningfully raises" the likelihood that Boeing will return to cash-generation mode in 2021, says the analyst. Skibitski believes the "end is finally in sight" for the return of the 737 MAX.