NEW YORK (TheStreet) -- Shares of The Boeing Company (BA) - Get Report were gaining 2.3% to $137.29 on Thursday following the announcement that EVA Airways will purchase up to 26 widebody airplanes from the aerospace company.

EVA Airways intends to buy up to 24 787-10 Dreamliners and two 777-300ER (Extended Range) jetliner from Boeing. The airplanes are valued at more than $8 billion at current list prices.

The Taiwanese airline will be one of the first airlines to introduce the new 787 Dreamliner.

"We look forward to welcoming EVA Airways as Boeing's newest member of the 787-10 Dreamliner launch customer group," Boeing Commercial Airplanes President and CEO Ray Conner said in a statement.

On Wednesday night, Boeing said it settled $18 million to settle a lawsuit that claimed it overcharged the government for labor on the C-17 Globemaster II aircraft at the Long Beach Depot Center, according to the Associated Press.

TheStreet Ratings team rates BOEING CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

We rate BOEING CO (BA) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, good cash flow from operations and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • BA's revenue growth has slightly outpaced the industry average of 5.1%. Since the same quarter one year prior, revenues rose by 11.3%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
  • The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. Compared to other companies in the Aerospace & Defense industry and the overall market, BOEING CO's return on equity significantly exceeds that of both the industry average and the S&P 500.
  • Net operating cash flow has significantly increased by 82.25% to $3,297.00 million when compared to the same quarter last year. In addition, BOEING CO has also vastly surpassed the industry average cash flow growth rate of 26.96%.
  • BOEING CO's earnings per share declined by 29.0% in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, BOEING CO increased its bottom line by earning $7.40 versus $5.97 in the prior year. This year, the market expects an improvement in earnings ($8.00 versus $7.40).
  • Looking at where the stock is today compared to one year ago, we find that it is not only higher, but it has also clearly outperformed the rise in the S&P 500 over the same period, despite the company's weak earnings results. The stock's price rise over the last year has driven it to a level which is somewhat expensive compared to the rest of its industry. We feel, however, that other strengths this company displays justify these higher price levels.
  • You can view the full analysis from the report here: BA