ETFs with heavy weightings in Boeing are soaring as Swiss bank UBS raised its 12-month price target of the aircraft manufacturer to $515, which is 50% higher than originally forecasted. Shares of Boeing soared to 2% in pre-trading hours and is currently up 3.5% at a price of $343.48 per share as of 11:45 a.m. ET.

ETFs with the heaviest weightings in Boeing gained, such as the iShares US Aerospace & Defense ETF (BATS: ITA)–up 1.25%, SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA)–up 1.51% and Industrial Select Sector SPDR ETF (NYSEArca: XLI)–up 1.14%.

“We believe Boeing shares carry the best upside in the sector with much of the cash growth and margin expansion story set to be unlocked with our $31 per share (free cash flow estimate for 2020),” which is 15% ahead of consensus, said UBS analyst Myles Walton.

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The upgraded price target comes as airlines have been facing questions regarding profitability, particularly with regard to rising fuel costs. Nonetheless, analysts are confident that Boeing can overcome these potential obstacles moving forward.

“We believe Boeing shares carry the best upside in the sector,” said Walton. “Much of the cash growth and margin expansion story (is) set to be unlocked with our $31 per share in free cashflow estimate for 2020, 15 ahead of consensus.”