Bernstein analysts reiterated Boeing (NYSE:BA) as a top pick and one of its best ideas in aerospace and defense in a note to clients Tuesday.

The analysts, who have a $252 price target on Outperform-rated Boeing, said the firm believes demand should exceed supply for several years, even if there is an economic recession.

“Currently, global airline traffic is on the rise as are Boeing deliveries. Higher production and higher deliveries should add operating leverage to improve margins and increase cash flow,” wrote the analysts.

“We are at a point when the problems that have impacted Boeing over the last four years appear to be largely behind the company,” they added.

They explained that during the last twenty years, there have been three times when these conditions were present, and “each time, Boeing strongly outperformed the S&P 500.”

Boeing shares are up 50% for the year-to-date, but Bernstein believes “there is more opportunity to come.”