Boeing's Stock Surges Toward Best Stretch Of Gains In 8 Years

Shares of Boeing Co. surged $3.17, or 1.3%, toward a record high, enough to make it the biggest driver of the Dow Jones Industrial Average's rally, after J.P. Morgan boosted its price target in the wake of the aerospace and defense giant's "watershed" second-quarter results. The price gain was adding about 22 points to the Dow's price, which was up 94 points in record territory. The stock was headed for a 7th straight gain; the 16% it has gained during the current streak would be its best seven-session performance since August 2009. J.P. Morgan analyst Seth Seifman kept his rating at overweight but raised his stock price target to $280, which is 15% above current levels, from $240. "Success on the numbers are driving estimates higher, while success on the qualitative front supports valuation and though the latter is more difficult to measure, we imagine last week's results were a step forward," Seifman wrote in a note to clients. "Qualitatively, management is pushing investors to think differently about Boeing with regard to strategic initiative, operational prowess and cyclicality." The stock has been the Dow's best performer year to date, running up 57%, while the Dow has gained 11%.