Boeing Co. (NYSE:BA) is expected to show significant cash flow improvements over the next few years, according to Barclays Capital Markets.

We see anticipated improvements in cash generation as a substantial pillar of the Boeing investment story, yet we've found cash flow expectations to be wide ranging across the Street with large differences in important key elements, analyst Carter Copeland wrote in a note to clients.

Copeland said their analysis revealed a relatively stable base of cash flow from Boeing's core franchises but revealed nearly $20 billion of less normal cash benefits over the last five years.

Going forward, development program drags should abate but so will some of these benefits and new headwinds, primarily pension and cash taxes will emerge.

However, despite the next five years of cash generation looking very different from the last five, the analyst sees room for substantial improvement in cash conversion and Free Cash Flow (FCF) per share, to levels perhaps approaching $10 in 2015 compared to EPS of about $8.

We see improvements in cash flow serving as the primary support for continued multiple expansion, said Copeland, who increased his price target to $96 based on 16x of his 2013 EPS of $6.00.

Shares of Boeing closed Monday's regular trading session at $71.09 on the New York Stock Exchange.