Melius Research upgraded Boeing to Buy from Hold with a $204 price target following the company's win over Lockheed Martin ( LMT ) for the Air Force's sixth-gen fighter program. Although Kelly Ortberg has been at the helm for less than a year, the firm believes he is the right leader to turn Boeing around as he has empowered employees to provide "brutal" feedback on the company's leadership and culture, allowing him to implement necessary improvements, the analyst tells investors. While Melius acknowledges that Boeing Defense "remains a fixer-upper," Phantom Works' NGAD win should provide Boeing with $20B of profitable cost-plus defense sales over the next five years, says the firm, which adds that the firm believes Boeing is "entering a period of positive news flow that can drive the stock higher."