The price target represents an 11% upside from the company's Friday closing price of $404.91. The firm also reiterated its "overweight" rating, which it has had on the company for nearly two years.
"Boeing is among the companies best positioned to benefit from positive aero fundamentals, and the company is consciously trying to shape the industry to capture more value for itself, which could mean strong relative performance and potential upside to estimates," said analyst Seth Seifman. "Finally, while sentiment has improved, we do not believe BA is 'over-owned.'"
Last week, Boeing shares closed at an all time high of $411.11 after the world's largest plane maker unveiled an investment in supersonic jet developer Aerion.
The company didn't disclose the terms of the deal, but Boeing described the deal as a "significant investment."
"Boeing is leading a mobility transformation that will safely and efficiently connect the world faster than ever before," said Boeing NeXt vice president Steve Nordlund. "This is a strategic and disciplined leading-edge investment in further maturing supersonic technology. Through this partnership that combines Aerion's supersonic expertise with Boeing's global industrial scale and commercial aviation experience, we have the right team to build the future of sustainable supersonic flight."