TD Cowen raised its price target on Boeing to $270 from $260 and retained a Buy rating, reflecting the firms view on the company despite uneven quarterly results. The new target implies upside relative to Boeings then-current share price of $244.54, while analyst price targets on the stock range between $155 and $300.
In its assessment, TD Cowen described Boeings fourth-quarter performance as mixed. The firm pointed to robust deliveries from Boeing Commercial Airplanes (BCA) as a positive operational signal, but also highlighted a $565 million charge tied to the KC-46 tanker program as a substantive negative impacting results.
Company-reported financials for the fourth quarter of 2025 were stronger than analysts expected. Boeing posted earnings per share of $9.92, versus an anticipated loss of $0.45, and revenue of $23.9 billion compared with forecasts of $22.4 billion. Separately, another research firm, Vertical Research Partners, raised its Boeing price target from $250 to $281 and kept a Buy rating, citing operational stabilization and the resolution of key portfolio items as supporting factors.
Boeing reiterated a long-term free cash flow (FCF) objective of more than $10 billion, but did not attach a specific timetable for reaching that milestone. TD Cowen further noted that Boeings 2026 free cash flow guidance of $1 billion to $3 billion includes in excess of $3 billion of headwinds that the firm expects to wane over time.
On a trailing-twelve-month basis, revenue growth stood at 10.18 percent, while Boeing remained unprofitable over that period. Additional market-focused analysis indicates the shares are trading above a calculated fair value and that the stocks relative strength index (RSI) points to overbought conditions.
Context and market reaction
The combination of an upward price-target revision and retained Buy ratings from multiple research houses follows a quarter in which Boeing delivered stronger-than-expected top- and bottom-line results, even as program charges and near-term cash-flow headwinds remain. The divergence between operational progress in the commercial airplane business and costs tied to defense programs helps explain the mixed characterization of the quarter.
This update leaves several items for investors to monitor, including the timing for achieving the $10 billion-plus FCF goal, the trajectory of the KC-46-related charge impact, and whether the projected headwinds to 2026 FCF abate as anticipated.