Shares of Airbus jumped in Paris after the European plane maker issued an bullish business update, saying it was targeting an operating profit of at least 12 billion euros ($13.7 billion) in 2029.

That would represent a gain of 70% over last year's results. In the update, released late yesterday, Airbus also said that its board had approved a plan to buy back roughly $5.7 billion of shares over three years.