Boeing May Find It Tough to Deliver

"Those were mature programs that went haywire," Hamilton said. "Contrast that with today. The 787 line is in total disarray, but people recognize that Boeing is trying a new technology and new production methods. Except for the snafu with the 737s, the rest of Boeing is humming along pretty well."

In a recent report, S&P analyst Richard Tortoriello says he continues "to expect Boeing's order book to support strong production in 2009 and 2010." He's also predicting strong 787 production in 2010. He has a buy recommendation on the stock and a 12-month price target of $53.

Stallard has an outperform rating and a $63 price target. "We think Boeing is still being too optimistic about the 2-3 year outlook for aerospace," he wrote. "We expect to see significant pressure on 737 and 777 demand for 2010 and 2011." Nevertheless, he said, "the valuation already assumes a worst case aerospace scenario."