Boeing stock rose early Monday on a rare double upgrade.

Shares of the commercial jet maker were up 1.8% in premarket trading at $220.10, while the S&P 500 and Dow Jones Industrial Average were up 0.6% and 1.1%, respectively.

The move came after BNP Paribas analyst Matthew Akers upgraded Boeing to Buy from Sell, according to ratings aggregators. Barron's hasn't seen a copy of the upgrade note yet. BNP didn't immediately respond to a request for the full report.

Whatever the reason, upgrading two notches is noteworthy. Most of the time, analysts move from Sell to Hold, then to Buy, or vice versa.

With the upgrade, 80% of analysts covering the stock now rate it Buy. The average Buy-rating ratio for S&P 500 stocks typically ranges from about 55% to 60%. The average analyst price target for Boeing stock is about $276, up 28% from recent levels.

Boeing stock was north of $250 early in 2026, as investors grew more confident in its turnaround efforts. Boeing hasn't generated consistent free cash flow and profit since 2018, just before the second tragic 737 MAX crash that led to years of delays, losses, and management turnover.

Things have stabilized under new CEO Kelly Ortberg, and investors are looking forward to rising plane deliveries. Boeing is expected to deliver about 670 jets in 2026, up from 600 in 2025. Jet deliveries are expected to reach 826 in 2028, eclipsing the prior peak of 806 delivered in 2018.

Shares, however, entered the week below $220, as higher oil prices weighed on many aerospace stocks. Higher oil prices mean higher jet fuel prices, and jet fuel is a significant expense for airlines. Rising costs can impact demand for new planes and for air travel as ticket prices begin to reflect them.