Boeing's (BA +0.2%) cash flow is likely to continue growing at least through 2021, according to Cowen, stating that positives include a favorable demand cycle and continuing healthy commercial productivity.
Investors generally acknowledge cash flow growth through 2020, but they worry 2020 may be a peak/plateau, and do not appreciate the resilience of the demand upswing, productivity setup and extended lift in defense cash generation.
Boeing remains the No. 1 aerospace pick at Cowen, with an Outperform rating and price target of $430.
Source: Bloomberg First Word
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