Shares of Boeing could rise 56% from here if the company’s three commercial jet programs maintain expected returns – despite the high-risk buying opportunity, according to Citi. Analyst Charles Armitage has upgraded Boeing shares to buy/high risk from neutral, saying in a report Thursday that the outlook for the company’s 737 MAX, 777X and 787 jet programs would have to change significantly to justify the current share price. Shares are down nearly 34% this year. “We believe Boeing offers significant value to investors as the market grows increasingly concerned about the outlook for its commercial aircraft programs,” reads the report. “While we acknowledge that there are questions about whether a reasonable level of profitability and market share will be achieved, we also feel that this could potentially miss a valuable investment opportunity. treat.” If all three aircraft programs maintain Citi’s projections for output and profit, the analyst believes Boeing’s fair value would be $209 per share, up about 56% from Thursday’s closing price. Private. This is also Citi’s new price target, down from $219 previously. However, there are still risks for investors. If two of the planes – the 737 MAX and 777X – are in line with Citi’s falling production and profit case, analysts expect a fair value of $116 per share, slightly less than that. with the current stock price. And, “if all three programs don’t do well, we see a value of around $84/sh, ~30% less than current prices.” “We are least certain about the outlook for the 737MAX and 777X; in our view, both programs will need to underperform to justify current stock prices, so we consider them risky. /rewards will benefit investors,” Citi said. Shares of Boeing fell more than 1% in pre-market trading on Thursday. — Michael Bloom of CNBC contributed to this report.