Boeing's "recent strong order activity", according to Credit Suisse, has warranted an investment rating upgrade from underperform to neutral.
The bank made the assessment in the wake of Boeing publishing its production results for 2022, which showed it delivered 480 aircraft and won 774 new orders.
While the production number remained below Airbus's for the fourth consecutive year, Boeing's production backlog of around 4,500 jets was smaller than that of its French rival, which topped 7,000.
“Recent strong order activity helps defend out-year estimates and improves overall macro resilience,” Scott Deuschle, analyst at Credit Suisse, said in a January 12 report.
The concern for Credit Suisse was that sourcing parts could prove difficult, in part due to "supply-chain bottlenecks" leaving suppliers struggling to keep up with the manufacturer's planned increase in production of single-aisle jets.
Credit Suisse said Boeing’s shares declined 3.7% over the 12 months through January 11, compared with a 16% decline for the Standard & Poor’s 500 stock index, with a notable gain posted in late 2022 after the company updated investors on plans for following year.