Boeing stock price rallied in the past six consecutive sessions on the wave of hopes that the airline industry will recover faster than expectations. Higher price targets from market analysts have also added to Boeing share price rally.

Goldman Sachs provided a price target of $238, saying that delivery cancellations and deferrals from major airline companies account for 17% of total deliveries in 2020, which is better than what the market experts have anticipated.

BA The Boeing Company daily Stock Chart

Goldman Sachs analyst Noah Poponak added that forecasts are low for end-market but the potential improvement in air travel and a stabilization of the order book can increase shares.

On the other hand, Seaport Global has set a $277 price target with a Buy rating, predicting that worst is over now for the share price performance.

The prospects of 737 MAX production are among the catalysts for the share price. The company says they have started production of 737 MAX at a low rate at the Renton, Wash., factory, with plans of gradually increasing the production in the coming months.

Moreover, positive data from airline companies added to the investor’s optimism. American Airlines forecasts that they will reach 55% of scheduled capacity in July compared to the past year period. The airline has reported an 80% year over year decline in flight schedules in May and 75% in June. Several other airline companies have also been seeing improving demand for air travel.

Boeing had generated first-quarter revenue of $16.9bn, down 26% from the year-ago period. It reported a loss of $1.11 per share in the first quarter. The market analysts are anticipating its second-quarter revenue to stay around $14bn, with expectations of big losses. The company, however, appears in a solid cash position following its strategy of raising $25bn from bond markets.