Four Wall Street analysts upgraded their recommendations on Boeing shares and others lifted their target prices.

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Boeing basked in a strong earnings report for a second day as four Wall Street analysts upgraded their recommendations on the shares and others lifted their target prices.

Skeptics — with one exception — were won over by Boeing’s surging free cash flow and improved operation margins as its rival, Airbus, stumbled. Surprisingly, robust air-traffic growth has also quieted concerns of a downturn.

The upgraded expectations added to the glow around Boeing, the top performer on the Dow Jones industrial average this year with an advance that’s outpaced those of Apple and McDonald’s. Boeing’s 50 percent jump through the close of trading Wednesday was about five times the Dow’s advance.

“While the financials have already shown significant improvement (particularly cash flow) and we are clearly late to the party, we see scope for further multiple expansion,” Robert Spingarn, analyst with Credit Suisse Group, said in a note to clients Thursday. He upgraded the Chicago-based planemaker’s stock to outperform from neutral while raising the target price to $300 from $200.

The shares rose $7.55, or 3.2 percent, to $241 Thursday after skyrocketing 9.9 percent Wednesday, the most since October 2008.

The 12-month target price for the company is now $248.19, up from $206.50 prior to the earnings report, according to data compiled by Bloomberg. Boeing stock has 14 buys, 12 holds and 1 sell. Richard Safran, an analyst at Buckingham Research Group, still recommends dumping the stock and maintains a price target of $140. He didn’t immediately respond to a request for comment.

Boeing’s free cash flow surged to $4.51 billion in the second quarter, with the manufacturer squeezing costs out of its 787 Dreamliner jet program as its factories ran more efficiently. That was more than double the tally analysts had expected — and Boeing channeled $3.4 billion of the haul to stock buybacks and dividends.

The manufacturer also announced plans to bolster its pension funding with company shares and reported profit that beat estimates. However, a drop in jetliner deliveries that caused second-quarter revenue to plunge 8.1 percent was a reminder of the risks as Boeing brings new planes, like its 737 MAX and 777X, to market.

The results won over Goldman Sachs’ Noah Poponak, who had advised investors to sell Boeing shares since Feb. 23, 2015, as slowing jetliner orders signaled the end of a historic sales cycle. He upgraded the manufacturer to neutral Thursday.