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Boeing Shares Falling; Analyst Sees Support at $70

"This could pose new operating and financial pressures for Boeing, including further delay in delivery schedules and future order flow, as well as ongoing reputational risk," Solomon said. Nevertheless, his report noted that Boeing "continues to perform well on its other aircraft programs and business lines while maintaining a strong liquidity profile."

RBC Capital Markets analyst Robert Stallard reiterated an outperform rating Wednesday night. He wrote in a note that the FAA, the U.S. Department of Transportation and Boeing were already investigating the 787 electrical system when the FAA grounded the planes. "We think Boeing and the FAA are likely to identify both cause and solution in the relatively near term -- weeks versus months," he said.

Boeing currently has a backlog of about 800 orders for the aircraft. Stallard said he expects Boeing "will solve the problem and for most customers this will be seamlessly implemented prior to delivery." He said he expects support for the stock near the $70 level. But he warned that "if a serious, unfixable problem is found with the 787 design than all bets are off."

Airlines in Chile, India, Ethiopia, Poland and Qatar, as well as United (UAL - Get Report) have 787s in their fleet.

-- Written by Ted Reed at the Detroit Auto Show.
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