Shares in Bombardier Inc. surged above $5 for the first time in nearly five years Monday, after a Goldman Sachs analyst upgraded the stock to a “buy” citing an “impressive” operational turnaround.  

Goldman Sachs analyst Noah Poponak raised Bombardier’s price target to $7 per share after reinstating coverage of the stock, pointing to the growth potential in Bombardier’s large cabin business jets and high expectations for CSeries orders.

Bombardier closed 6.38 per cent higher at $5.17 a share on the Toronto Stock Exchange Monday. It’s the first time Bombardier shares have traded above $5 since October 2013.  

The reinstatement of Goldman’s coverage also comes as trade journal Airline Weekly reported that David Neeleman, who helped launch WestJet Airlines Ltd. and JetBlue Airways Corp., is raising funds to launch a new low-cost carrier in the U.S.

Airline Weekly said the new airline, Moxy Airways, has secured orders for 60 Bombardier CS300 aircraft, citing sources familiar with the matter.

The order would make Moxy the second-largest CSeries customer after Delta Air Lines Inc., which is acquiring 75 of Bombardier’s smaller CS100 model.

 “We are very bullish on airplane demand due to an improving global economy and trends out of emerging markets for more business and personal travel over the long term,” Barry Schwartz, chief investment officer of Baskin Wealth Management, said in an email to BNN Bloomberg.