Goldman Sachs analyst Noah Poponak raised the firm's price target on Boeing (BA) to $238 from $209 and keeps a Buy rating on the shares.

The stock closed Friday up $21.13 to 4205.43.

The analyst believes investor expectations are low for both fundamentals in the end-market and the company. With 737 MAX production recently restarted, Poponak expects "positive re-certification progress" in the near-term. In addition, positive "second derivative improvements" in air travel and a stabilization of the order book can also send shares higher, Poponak tells investors in a research note.

The analyst believes Boeing remains well positioned in a "long-term secular growth market." Poponak's analysis of 30 individual airlines and leasing companies shows that customers have only revised their delivery 2020 and 2021 plans by 17%.

This is less than the production cuts Boeing and Airbus (EADSY) have announced and "far less than we assume the market fears," says Poponak.