Alembic Global analyst Pete Skibitski upgraded Boeing to Overweight from Neutral with a price target of $184, up from $159.

The stock in premarket trading is up 3% to $161.35.

The rating change catalyst is the news last week that European regulators now expect to approve the 737 MAX's return to service by November, Skibitski tells investors in a research note.

An approval from the Federal Aviation Administration would likely precede that, which "meaningfully raises" the likelihood that Boeing will return to cash-generation mode in 2021, says the analyst. Skibitski believes the "end is finally in sight" for the return of the 737 MAX.