(Reuters) – J.P. Morgan analysts are bullish on Boeing (NYSE) Co shares due to the possibility that China will allow Boeing’s 737 MAX planemaker to fly again after a worldwide grounding.

According to The Brokerage, it gave the stock an “outperform” rating on Thursday. They stated that U.S. planemaker Boeing can increase its global MAX jet delivery rate to 52 per months in 2024. That would mean Boeing could end all of its excess 737s by 2025.

The stock was downgraded by one notch on March 2020 as the influenza pandemic began to take a toll on airlines. After two fatal air accidents, Boeing’s 737 MAX was already grounded for a full year.

China’s aviation regulator ruled that Boeing could make safety improvements to the design of its 737 MAX airplane earlier in this week.

“MAX certification does not cover all elements of Boeing’s China exposure. Future orders are another element,” stated J.P. Morgan’s Seth Seifman. He is a Refinitiv analyst with four stars for his accuracy in his estimates.

Seifman predicts 445 737 MAX airplane deliveries by 2022. This is 37 aircraft per month compared to the average 20-plane delivery over the previous four months.

Boeing’s price target was also increased to $275 by the analyst from $260. This indicates a 21.3% increase in Wednesday’s close.

Seifman explained that Boeing’s “position at the centre of global airline travel provides confidence that it can recover financially over time, and we believe risk/reward now skews in favorably.”