Credit Suisse analyst Robert Spingarn raised his price target for Boeing (BA) to $367 from $321 after hosting management for a sell-side lunch.

He keeps a Neutral rating on the shares. The analyst says that while nothing material was revealed, the perspectives offered by the company on items ranging from free cash flow to customer penalties, to productivity left him "incrementally more constructive" on the name. Boeing management sees the free cash flow lost from the MAX interruption as largely recoverable, but acknowledges the 787 rate reductions are a headwind versus prior expectations, Spingarn tells investors in a research note.

Consensus in the room, though not necessarily endorsed by Boeing, was that 2023 could be a "near-normal" cash year, where production/deliveries would normalize while concessions would become largely immaterial, says the analyst.

Spingarn's new price target reflects increased confidence in the cash profit trajectory at Boeing and expectations that we are "entering into a positive news period."