Boeing shares have left the runway.

Shares of the aerospace giant climbed 4 percent Thursday on the heels of a bullish call from UBS, resuming a rally that's seen the company's stock surge 46 percent in the past year. Some traders expect even more gains.

"We like Boeing a lot," Mark Tepper, president and CEO of Strategic Wealth Partners, said Thursday on CNBC's "Trading Nation."

"This is all about demand, and demand is increasing because you've got a lot of improvement in both passenger and freight traffic," he said, citing strong demand for single-aisle jets and a healthy backlog.

Another boon for Boeing should be the aerospace and defense giant's diversified revenue exposure and its prominence in the defense industry. "That's the one area of manufacturing we feel is really insulated from a trade war, because there's not any true global competitor," Tepper said. "So foreign sales should remain resilient."

After Microsoft's 49 percent gain, Boeing is the best-performing Dow stock in the past year.

From a technical perspective, some traders say the stock is poised to continue rallying.

"There is a nice move coming off the 200-day moving average; it kissed it perfectly yesterday on the low. That also double-bottomed a couple of months back. There is some tremendous momentum right now," Blue Line Futures President Bill Baruch said Thursday on "Trading Nation."

"From there, if some of the fundamentals line up, and U.S. and China continue to be a tailwind, we could start to break out above that trend line. And yes, we could see a much, much stronger gain from there," he said.

Boeing shares closed 4 percent higher on Thursday, at $345.98 per share.