Thu, Nov 15, 2007
Has Doubts Planemaker Will Be Able To Build Over 100 Planes By
2010
Financial consultants aren't typically prone to hyperbole...
which makes statements by an analyst with Bear Sterns, on Boeing's
stated goal to build more than 100 787 Dreamliners in two years,
all the more compelling.
Analyst Steve Binder says he has his doubts Boeing will be able
to stick to its ambitious goals -- especially given the planemaker
hasn't flown the first Dreamliner yet, and announced delays in
initial production last month.
"Reaching the planned monthly production rates to achieve 109
deliveries by the end of 2009 is still a near-Herculean task, in
our view," said Binder, shortly after a meeting with Boeing
management to get an update on the 787 program.
Despite that less-than-optimistic summation, however, Binder
adds Boeing "shares still offer a relatively attractive risk-reward
profile over the next six months," despite the risk of further
delays keeping the lid on likely yields below 15 percent.
After seeing a strong rise in share value over the past 18
months, Boeing's shares have since dropped off 13% since the
beginning of October, ahead of the planemaker's October 10
announcement of a six-month delay in development and
first deliveries of the composite-bodied 787.
Despite the delay, for the moment Boeing says it will still
produce 109 Dreamliners by the end of 2009 -- only three less than
it had originally planned in the same period.
We dunno... "near-Herculean" may not even cover it...
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