"We see investor attention going back to commercial aircraft programs where the A350 will be in full focus," Stallard wrote. "While Airbus has said a Paris Airshow first flight is not likely, we have not heard anything in the supply base to suggest that the summertime first flight is off track.
"Like Boeing, Airbus now has nearly 5,000 planes in the backlog so this will be an execution story," Stallard said, noting that delivery rates for the A320 and A330 are historically high. Deliveries of the A380 have been reduced because wing cracks have been found, but Stallard said the rate should return to 30 deliveries by 2014.
" The A350 remains the biggest risk but we think management has been upfront about the challenges ahead," he said.