A "natural push back" to a Buy recommendation on Boeing (BA +0.7%) "is that the stock has 'run' and it now reflects all the good news that will happen over the next several years," Deutsche's Myles Walton says.
However, Walton thinks BA is now a story about free cash flow rather than EPS and with FCF/ share set to hit $13, $17, and $20 in FY15, FY17, and FY20 respectively, a 10x FCF multiple "argues for solid upside" from current levels.
Buy rating reiterated, price target hiked to $130 from $125.
The note also strikes a positive tone on Airbus (EADSF.PK +0.6%).
More on BA's FCF generation here