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NEW YORK (TheStreet) -- Shares of Boeing Co. (BA) - Get The Boeing Company Report are down by 1.8% to $126.27 in early afternoon trading on Thursday.

Yesterday, the aerospace company said it would eliminate about 4,000 jobs in its commercial airplanes division by mid-year and about 500 jobs in a flight and lab tests division.

Deutsche Bank, which has a "buy" rating and $160 price target on the stock, said that historically headcount moves are bullish for Boeing shares.

"In the last 18 years, Boeing has increased its headcount at Boeing Commercial Aircraft in 9 of those years and decreased it in 9 of those years. In the 9 years of employment expansion, shares of BA lagged the market in 5 and outperformed in 4," Deutsche Bank wrote in an analyst note.

"However, in the years where headcount fell at BCA, shares of BA outperformed the S&P 500 in 8 of the 9 years with the only exception being 2001," the firm added.

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts Plus charitable trust, commented on the bank's note and Boeing job cuts in a video today.

"Deutsche Bank has a note out saying that whenever they trim jobs is the time to buy Boeing. At the same time I know that Boeing had some accounting issues. I'm on the fence on Boeing," Cramer said.

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TheStreet Recommends

If you want aerospace stocks in your portfolio, Cramer suggests buying Honeywell Int'l (HON), Alcoa (AA), United Technologies Corp. (UTX) or Action Alerts Plus favorite General Electric (GE).

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on Boeing stock.

This is driven by several positive factors, which should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks covered.

Among the primary strengths of the company is its respectable return on equity which we feel is likely to continue. The team feels its strengths outweigh the fact that the company has had sub par growth in net income.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: BA

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