Boeing (NYSE:BA) EPS Estimates Boosted on 777, 737 Programs

Saying they are buyers of Boeing (NYSE:BA) at its current levels, Gleacher & Co. said they see the 777 and 737 programs continuing to contribute to earnings going forward.

Gleacher says, "Increasing 4Q10 EPS by $0.05 to $1.16: The higher number of 777 deliveries and continued strong profit contributions from both the 777 and 737 programs has added $0.05 per share to our 4Q10 EPS estimate totaling $1.16 vs. the consensus estimate of $1.10. BA will be reporting its 4Q10 results on Wednesday, January 26. We are forecasting a top-line of $16.98 billion vs. current consensus of $16.90 billion in 4Q10. Current 2010 sales and GAAP EPS guidance is $64.5-$65.5 billion with GAAP EPS of $3.80 to $4.00 vs. our estimate of $4.04 (consensus $3.99).

"We are buyers of BA at current levels. While the 787 still has headline/schedule risks, BA’s mature commercial programs continue to generate strong productivity gains which are aiding the bottom-line. Moreover, with international orders boosting the outlook for defense, we remain confident in out year estimates. We expect BA to support a premium valuation with the 787 back on track."

Gleacher & Co. reiterates a 'Buy' on Boeing, which closed Friday at $69.38, gaining $0.58, or 0.84 percent. Gleacher has a price target of $100 on them.