Boeing Co. (BA) has its strategy on the right track.

The aerospace giant announced Monday plans to enter into a joint venture with aerospace firm Safran in a bid to expand its aftermarket services segment. The tie-in caught the eye of analysts at Credit Suisse.

News of the deal is "yet another reminder of the structural changes Boeing is imposing on the aerospace supply chain in an effort to raise profitability and lower cyclicality by capturing more aftermarket," Credit Suisse analysts said in a note on Tuesday, June 5. Analysts added that "investors and the aerospace industry should start getting used to such news."

It's the latest in a strategic shift that has pushed Boeing ahead of the aerospace pack. According to Credit Suisse, "leadership at Boeing began to recognize that it was leaving profit on the table by following the decades-old convention of relinquishing the aftermarket opportunity to suppliers in return for their assumption of development expense for components on new aircraft."

That very realization has led to a new master plan at Boeing, which Credit Suisse sees taking effect in three phases. The aim is to capture "more OE content with aftermarket-enabling IP," Credit Suisse wrote.

First, Boeing is currently enacting a news flow phase to disrupt and add some valuation impact, the analysts said. The mid-2020s will bring an impact phase in which aftermarket sales and profit traction for OEs ought to result in expenses for suppliers. Finally, near 2030, Boeing will enter an equilibrium phase resulting in a "competitive response as new-entrant [original equipment manufacturers] leverage technology from disenfranchised former BA suppliers and expand market share."

What's more, Boeing has been shifting gears in specific key component areas following the implementation of labor-saving automation, Credit Suisse said. Those areas include wings, avionics, propulsion, systems, interiors and actuation. "Where [Boeing] believes more insourcing will yield profitable aftermarket streams," Credit Suisse said.

Credit Suisse rates Boeing stock outperform with a $455 price target, implying about 26% upside for the stock. Boeing shares climbed about 0.22% on Tuesday and are higher 22.5% year to date.

Boeing has curried Wall Street's favor in recent months with a bold strategy for the future of transportation, CEO Dennis Muilenberg told TheStreet last week. According to FactSet data, 69% of analysts who cover Boeing rate it as buy or overweight.

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