It's no secret that (NYSE: BA) stock has encountered a considerable amount of turbulence so far in 2024. While the S 500 has risen about 6%, shares of the aircraft manufacturer have plunged more than 36% since the start of the year.

But one analyst sees smoother sailing ahead -- though admittedly not as smooth as previously thought. Jason Gursky, an analyst at Citigroup, lowered his price target on Boeing stock to $224 from $252 Thursday. Based on the stock's recent closing price of $164, Gursky's new estimate still implies upside of more than 36%.

Reporting $16.6 billion in revenue and a $1.13 loss per share, Boeing beat analysts' estimates that it would book $15.2 billion on the top line and a $1.65 loss per share. The company's surprisingly strong performance contributed to the analyst's belief that shares can soar higher, but that wasn't the only factor.

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Source Fool.com