Boeing Will Be Flying As High As $300 This Year: Lebenthal

Investor sentiment has changed in favor of Boeing Co BA, Cerity Partners' Jim Lebenthal said Tuesday on CNBC's "Fast Money Halftime Report."

What Happened: On May 27, Boeing agreed to pay $17 million in fines for production lapses related to its 737 aircraft.

On May 28, Boeing delayed deliveries of the 787 Dreamliner. 

Related Link: Boeing Faces New 787 Dreamliner Delivery Delays

Cowen analyst Cai von Rumohr upgraded Boeing from Market Perform to Outperform on Tuesday and raised the price target from $240 to $290 on Tuesday. 

Why It Matters: The stock went down on the news last week, but just a couple days later "the stock is ripping again," Lebenthal said. 

The analyst report is moving the stock higher, but the report doesn't contain anything new, but rather is more of a summary, he said.

Good news matters more than bad news in the case of Boeing, which shows that investor sentiment has clearly turned, Lebenthal said. The fundamentals are strong and the stock is a buy at current levels, he said. 

Lebenthal told CNBC that he thinks the stock will go to $300 per share before the end of the year. 

See also: How to Buy Boeing (BA) Stock

BA Price Action: Boeing has traded as high as $278.56 and as low as $141.58 over a 52-week period. It is up 19.07% year-to-date. 

The stock gained 3.12% Tuesday, closing at $254.73. 

Photo courtesy of Boeing.