Why Wells Fargo Thinks Boeing (BA) Could See a Sharp Free Cash Flow Recovery

The Boeing Company (NYSE:BA) is one of the best space stocks with high upside potential.

On April 1, 2026, Wells Fargo initiated coverage of Boeing with an Overweight rating and a $250 price target. The firm said Boeing could see a sharp free cash flow recovery as production normalizes, with upside tied to higher 737 MAX and 787 output as well as a large working-capital opportunity. Wells Fargo based its target on a 20x multiple of its 2028 free cash flow forecast. The note also said the 777X program remains a near-term drag on free cash flow, but that pressure could ease as production efficiency improves and rates move higher later in the decade.

The call added a constructive Wall Street view to Boeing at the start of April, with the target implying notable upside from where the stock had been trading at the time. Public summaries of the note framed the thesis around a production-led cash flow turnaround rather than a near-term earnings story.

The Boeing Company (NYSE:BA) is a leading global aerospace company that develops, manufactures, and services commercial airplanes, defense products, and space systems for customers in more than 150 countries.

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