Core Insights - Boeing Co. is experiencing an operational recovery driven by increased aircraft deliveries, particularly in the 737 MAX and 787 programs, indicating a potential rebound in cash flow and financial performance [1] - Bank of America Securities analyst Ronald J. Epstein maintains a Buy rating on Boeing with a price target of $270, citing stable deliveries and cash flow recovery as key catalysts for improved results [1][4] Delivery Performance - The 737 MAX program is projected to deliver approximately 118 units in the third quarter, surpassing the second quarter's 104 and last year's 92 [2] - The 787 program is expected to deliver nine units in September, leading to a quarterly total of 26, an increase from 24 in the second quarter and 14 a year ago [3] Production and Financial Outlook - Current production is capped at rate-38, with a potential increase to rate-42 dependent on FAA approval later in the fourth quarter [4] - Epstein's price forecast of $270 is based on a normalized free cash flow of $11 per share, applying a premium to the S&P 500 [4] Market Dynamics - The resilient demand for commercial jets and potential for improved margins in the 737 and 787 programs justify a market premium [5] - Near-term challenges include execution difficulties, labor constraints, currency fluctuations, and reputational risks [5] Strategic Developments - VietJet Air is set to receive its first 737 MAX aircraft after a long wait, marking a significant milestone for the airline [6] - Boeing has expanded its defense portfolio by securing a contract with Singapore for four P-8A maritime patrol aircraft [7]