Aviation-giant Boeing Co. (BA) is sitting comfortably in first class these days.  This week the company announced that it expects worldwide air passenger traffic to comeback up to 2008 levels, and it expects global airplane sales to pick up in 2011 or 2012.  Boeing also recently said it plans to raise production of its 777 and 747 aircraft earlier than previously projected.

A company spokesman told The Wall Street Journal, “We see 2010 as the year of overall economic recovery within the industry and 2011 a year where airlines return to profitability…As a result, we anticipate an increase in demand for airplanes in 2012 and beyond.”

Boeing said that it now will move up planned production increases for the 777 program to mid-2011 from early 2012. Production of the company’s most-profitable airplane will be raised from five planes per month to seven per month next year.  The company also plans to raise production in its 747 program to two airplanes per month from 1 1/2, beginning in mid-2012.

The production rate increases prompted Jeffries & Co. to raise its earnings-per-share estimates on Boeing for 2011 and 2012.  Jeffries’ new EPS targets are $5.10 and $5.75, respectively, well above its prior EPS estimates of $4.70 and $5.00. The company rates Boeing shares a “buy.” 

In addition to the Jeffries announcement, Oppenheimer also weighed in on Boeing shares by raising their rating on the stock to “outperform” from “underperform.”  Interestingly, Oppenheimer cut rival Lockheed Martin (LMT) shares to “perform” from “outperform.”  Completing a trifecta of positive analyst announcements was Barclays Capital.  The firm raised their earnings projections to $5.25 per share in 2011 and $6.25 per share in 2012. They also raised their price target to $87 per share.

With all the positive news wafting in the air around Boeing, it should come as no surprise that the stock has been a huge performer of late.  BA shares are up over 30% in the last three months alone, much better than the aerospace industry’s average gain of just under 13%.  Over the past 12 months, the total return on BA shares is more than 100%.  Yes, the stock has indeed been a high flyer, but are there other stocks out there that allow us to fly along with the Boeing boom?

While Boeing manufactures its signature commercial and military aircraft, it doesn’t make all of its parts in house.  Many of the parts and equipment it uses to get those planes flight ready are made by smaller aviation and equipment companies.  Three of those companies are Moog Inc. (MOG. A), Precision Castparts Corp. (PCP) and Rockwell Collins Inc. (COL).

Moog is the maker of motion control and flight control systems essential to actually allowing an airplane to fly.  Precision Castparts makes high-grade fasteners used extensively in aircraft manufacturing, and Rockwell Collins makes avionics communication and electronics systems for both commercial and military aircraft.  All three stocks have seen strong gains in concert with Boeing, with MOG.A shares surging 24% over the past three months, with PCP climbing 7% and COL jumping 12% over the same time period.

One other Boeing-related play is Spirit AeroSystems Holdings (SPR), which was just named to the Boeing NewGen Tanker Supplier Team. Once Boeing receives its contract award from the government, Spirit will build the Boeing tanker’s forward fuselage.  Like our other Boeing boom stocks, SPR shares are up nicely, rising nearly 14% over the past three months.  Yes, Boeing stock is flying high, but riding in the First Class section along with BA are Moog, Precision Castparts, Rockwell Collins and Spirit AeroSystems.

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