Continuing its loss of altitude for several months, shares of Boeing (NYSE: BA) are down about 28% since the start of the year. The stock’s decline is especially disconcerting in light of the S&P 500’s 9.4% ascent during the same period.

But one analyst thinks that the stock’s decline stemming from its recent safety incidents won’t last. In fact, Richard Safran, an analyst at Seaport Global, thinks that the aerospace stock is set to soar, setting a price target of $262 on Tuesday. With shares of Boeing closing at $191.37 on Monday, Zafran’s price target implies upside of about 37%.

Boeing’s leadership shakeup will help it to straighten up and fly right

Safran predicates his auspicious price target on the belief that David Calhoun’s resignation as CEO is a move that will help the company to get back on track. According to Thefly.com, Safran advised investors that the change in leadership was expected, and Boeing is still able to right the ship.

In addition to Calhoun stepping down, the board of directors will also see some change. The board’s chair, Larry Kellner, will not seek reelection at the annual shareholder meeting, and Stan Deal, president and CEO of Boeing Commercial Airplanes President, has announced his immediate retirement.

There’s too much turbulence to fly with Boeing right now

While the changes in Boeing’s corporate governance are not all that surprising, it’s not a guarantee that the company will survive the changes in leadership without any hiccups. It’s important for prospective Boeing investors to recognize, though, that the transition may be the start of further changes that cause some near-term volatility.

It’s certainly possible that Boeing stock can touch $262 again — a price it last reached in March 2020 — but shares still seem too richly valued at 26 times free cash flow. At this point, investors would be better to watch this aerospace stock from afar until the questions of how management plans to get the company back on track are answered.

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Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.