Boeing (NYSE:BA) Risk from 787 Shrinking Say Wedbush

Boeing (NYSE:BA) is an increasingly attractive play, says Wedbush, basing its assumption on shrinking risk from the delayed 787 aircraft.

Wedbush says, "The key to our positive thesis is a belief that the risk associated with the 787 aircraft will continue to retire, and Boeing will deliver the first 787 in the Jul/Aug time frame...Strengthening fundamentals point to stronger than expected recovery in orders, production rates increasing across all aircraft...We project free cash flow will increase from just over $3 billion in 2011 to $6 billion by 2013...We believe the negative defense outlook is priced in."

Wedbush reiterates an "Outperform" rating on Boeing (BA), which was trading at $72.01, down $0.46, or 0.63 percent, as of 11:52 AM EST. Wedbush increased their price target on Boeing from $86 to $88.