UPDATE: Sterne Agee Reiterates Buy Rating, Raises PT on The Boeing Company on 787 Battery Approval, Ryanair Order

In a report published Wednesday, Sterne Agee analyst Peter Arment reiterated his Buy rating on The Boeing Company

, and raised his price target from $87.00 to $100.00. In the report, Arment noted, “Last night, the FAA approved the certification plan for the redesigned 787 battery system that includes components to minimize initiation of a short circuit, better insulation of the cells and a new containment and venting system. Additionally, Ryanair is set to place an order for ~200 737NGs valued at ~$8 billion, cementing the production bridge to 737 MAX in 2017. We are raising our price target on BA by $13 to $100, 14x P/E multiple for 2014E or based on only 10x FCF per share multiple.” The Boeing Company closed on Tuesday at $84.16.