It's strange how long Boeing (BA) stock struggled before it was finally cleared for takeoff in late 2016. Shares ended 2013 near $140. By year-end 2016, they were a hair above $150.

That whole time, Boeing still generated massive cash flows, had a huge backlog of orders and paid a nice dividend. But since clearing that $150 to $160 level, it hasn't looked back. Boeing stock is up 70% in 2017 and more than 80% over the last 12 months. According to several analysts, though, its run is far from over.

The most recent of those calls comes from Jefferies' Sheila Kahyaoglu. "Robust" demand for commercial aircraft should continue to drive shares of Boeing higher. High demand combined with improving productivity allows Kahyaoglu to believe the company can "grow earnings at a low double-digit rate."

By 2020 Boeing could generate more than $21 per share in free-cash flow and she raised her price target to $312 from $300 as a result. With no surprise, the analyst also maintains her buy rating on the stock, as her new price target implies about 18% upside from current levels.

The recent conclusion of the Dubai Air Show likely didn't hurt Kahyaoglu's confidence, as Boeing locked in some rather massive orders during the weeklong event.

Shares of Boeing are reacting positively to the report, climbing 0.67% to $266.41 in early Tuesday trading.

More of What's Trending on TheStreet:

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.

More from Stocks

Biotech's Coming Back to Life: Cramer's 'Off the Charts'

Biotech's Coming Back to Life: Cramer's 'Off the Charts'

Video: Here's How Goldman Sachs May Change Under David Solomon

Video: Here's How Goldman Sachs May Change Under David Solomon

J&J Vows to Fight Verdict Linking Baby Powder to Ovarian Cancer

J&J Vows to Fight Verdict Linking Baby Powder to Ovarian Cancer

3 Reasons Why Netflix Bulls Are Getting Their Face Ripped Off After Earnings

3 Reasons Why Netflix Bulls Are Getting Their Face Ripped Off After Earnings

Markets Close Higher After Fed Chair Powell's Capitol Hill Testimony

Markets Close Higher After Fed Chair Powell's Capitol Hill Testimony