According to Citi, if the company’s three commercial aircraft programs maintain projected levels of profitability, Boeing shares could climb 56% from here — although the buying opportunity is high-risk. Analyst Charles Armitage upgraded Boeing’s shares from neutral to buy/high risk, saying in a Thursday report that the outlook for the company’s 737 MAX, 777X, and 787 aircraft programs is sour enough to justify the current stock price. Will have to do Shares have fallen about 34 per cent this year. “We believe Boeing provides significant value to investors as the market becomes increasingly concerned about the outlook for its commercial aircraft programs,” read the report. “While we acknowledge that there are questions as to whether an appropriate level of profitability and market share will be achieved, we also feel that this potentially misses out on a valuable investment opportunity.” Should all three aircraft keep up with Citi’s projections for program production and profitability, the analyst believes Boeing’s fair value should be $209 per share, representing about 56% above Wednesday’s closing price. does. This is also Citi’s new target price, which was lowered from $219 earlier. However, risks remain for investors. If the two aircraft lines — the 737 MAX and 777X — match Citi’s downside to production and profitability, analysts expect the fair value to be $116 per share, “slightly below” the current stock price. And, “if all three programs go bad, we see a value of about $84/sh, ~30% less than the current price.” “We are at least certain of the prospects for the 737MAX and 777X; in our view, both programs would need to go badly in order to justify the current share price, so we will shift the risk/reward in favor of investors.” I agree,” City said. Boeing shares fell more than 1% in Thursday’s premarket trading. —CNBC’s Michael Bloom contributed to this report.