The Boeing Company (NYSE:BA) has reportedly made significant progress in its efforts to fix the 787 dreamliner battery nightmare. Boeing’s spokesman said the Air-plane maker is on course to putting the problem behind it, news that triggered a wannabe rally for the stock, which has been fluctuating since the turn of the year. The spokesman was quoted on Foxbusiness saying, “Everyone is working to get to the answer as quickly as possible and good progress is being made.”

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Boeing stock fluctuated week in-week out trading between $77.69 and $73.65. It remains to be seen how long the current rally will continue, bearing in mind that the stock closed at $77.43, less than two weeks ago (Feb 7).

The company has received a lot of criticism with regard to the 787 dreamliner battery quandary, which forced it to recall all the units for servicing. Boeing reported record order sales over the last twelve months, an event that gave investors hope in readiness for CY13. Bob Feldmann, vice president for the jet program was quoted saying, “reaching 1,000 orders in just over a year’s time from our first order shows the aircraft’s value for customers. [They] are expressing confidence in our ability to deliver improved performance on schedule,” in reference to the company’s fuel efficient 737 MAX.

Nonetheless, is seems as though there is still some glimmer of hope for the 787 dreamliner to glaze the skies once more, at least by start of the next quarter. The Chairman of state-run Air India told Reuters early on Wednesday that Boeing is hopeful of getting the 787 back in service by April. However, Boeing has since declined to comment on the matter, although it has already received a go ahead from the U.S Federal Aviation Administration (FAA) to begin test flights as part of an ongoing review that would eventually see the ban lifted.

On progress in fixing the “bug”, Reuters cited an unnamed source familiarly with the matter saying, “Boeing has apparently found a way to fix the problem in a method that involves increasing the space between the cells so as to stop them from overheating.”

The Boeing Company (NYSE:BA) also received another boost, this time around from UBS AG (NYSE:UBS) analysts, who raised their price target to $75 per share from the previous $72. However, following early morning trading, the company had already smashed this target as shares traded at $76. Nonetheless many analysts still believe Boeing could hit $88 or thereabout within the next twelve months. For instance, Jefferies Group, Inc. (NYSE:JEF) have a price target of $87, whereas Sanford C. Bernstein are just shy of $100 with a target of $98. Both analysts have a Buy rating or equivalent on the stock.

In its most recent quarter results reported on January 30, Boeing blew analyst estimates for revenues and earnings, triggering a price rally that came to an end on Feb 8. The company’s performance was indeed something worth noting, with unit sales, orders and revenues being impressive. The company’s quarterly revenue was up 14.0% on a year-over-year.

At the time of this writing, The Boeing Company (NYSE:BA) stock was trading at $75.63 per share, up $0.98, or 1.31 percent increase from the previous close.