RBC Capital analyst Michael Eisen initiated coverage of Boeing with an Outperform rating and $164 price target. The analyst acknowledges the uncertainty regarding the 737 MAX and broader health of the airline industry, but sees a favorable risk/reward profile at current share levels. Boeing shares have a strong correlation to global commercial passenger traffic, and after dropping 50% year-over-year in 2020, a multiyear period of high double-digit demand growth should follow, Eisen tells investors in a research note. He sees this propelling the stock higher.