In a research report issued today, Credit Suisse analyst Robert Spingarn reiterated a Neutral rating on shares of Boeing Co (NYSE:BA) with a price target of $148, which implies an upside of 12% from current levels. The report follows last week’s investor conference, where Boeing CEO Dennis Muilenburg acknowledged that if the company is not successful at garnering additional 777 orders in the next few months, the 777 production plan will need to adjust downwards.

Spingarn commented, “Notwithstanding these lower widebody production rates, and assuming no further severe dislocation to the global economy, the next several years are still a robust cash harvest for Boeing, but just not quite as strong as we had previously expected, and with a flatter slope to the growth. Interestingly, the stronger cash flow is likely to kick in just after this 5 year period concludes, unless margins expand sooner as per Boeing’s targets, though we see this as somewhat optimistic, especially after these adjustments to widebody volumes and general pricing pressure.”

“While our TP, which holds at $148, suggests shares are moderately undervalued, we do not see a bid developing until BA formally addresses 777 rate,” the analyst concludes.

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Robert Spingarn has a yearly average return of 11% and a 61% success rate. Spingarn has a 44.8% average return when recommending BA, and is ranked #391 out of 4175 analysts.