As shares of aircraft manufacturer Boeing Co. (BA) gain over 70% year-to-date (YTD), while the S&P 500 has increased 16% over the same period, one team of analysts indicates that the stock is on track to finish out 2017 even higher.

On Tuesday, Jefferies analyst Sheila Kahyaoglu lifted her price target on BA to $312 from $300, forecasting Boeing to grow earnings at a double-digit rate. She attributed her more bullish outlook to improved demand and productivity at the jet manufacturer. The analyst expects a pileup of commercial jet orders to lead Boeing to post deliveries up 6% annually over the next decade. (See also: Airbus, Boeing Land Over $75B in Aircraft Orders.)

“We have increased confidence that Boeing can grow EPS at a low double-digit rate supported by robust demand for its commercial aircraft,” wrote Kahyaoglu, who forecasts 2019 earnings per share (EPS) at $12.51. “Given the size of the backlog, near-term production is well supported, but the opportunity set should likely keep backlogs at elevated levels.

Sweet Dreamliners

The Jefferies analyst sees an increase in production of Boeing’s 787 Dreamliner from a current 12 per month to 14 by 2019. While much of the recent demand has been driven by customers in the Middle East, Kahyaoglu suggested that European and U.S. capacity is likely due for replacement. As for U.S. carriers United Continental Holdings Inc. (UAL) and Delta Air Lines Inc. (DAL), the average age of a wide-body aircraft exceeds 15 years, wrote the analyst.

“While order backlogs for the Middle Eastern carriers look full, there appears to be come under penetration for U.S. and European carriers that have older fleets, with little in the way of backlog,” stated Kahyaoglu. “Delta Airlines has a fleet of 163 wide body aircraft with an average age of 17 years. The airlines order backlog is for 49 aircraft.”

Boeing stock has led the Dow Jones Industrial Average this year, eclipsing struggling General Electric Co. (GE) in terms of market capitalization for the first time ever. Jefferies’ new price target reflects a near 18% upside from Wednesday afternoon at $265.18. (See also: Bombardier, Airbus Respond to Boeing Complaint, U.S. Tariff.)

Want to learn how to invest?

Get a free 10 week email series that will teach you how to start investing.

Delivered twice a week, straight to your inbox.