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RBC Capital upgraded Boeing Co (BA) - Get Boeing Company Report to "sector perform" from "underperform" Thursday after the Chicago-based company beat second quarter earnings estimates and increased its outlook for the rest of the year.

Analyst Matthew McConnell said better than expected second quarter results earned the company a $235 price target. That implies less than 1% upside for the stock, but it's an increase from McConnell's initial coverage of the company with a $136 price target in January.

Boeing is "executing well," McConnell said. The company's stock traded up 3.6% on Thursday morning.

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