Boeing Stock (NYSE:BA) Slips Despite Positive Findings in India

While the Air India disaster was a blow to aerospace stock Boeing (BA) by extension, there was something of a silver lining to be had herein. At least, so far; new reports suggest that safety checks on Boeing planes in India are actually going very well, though not all of the planes have yet been checked. But investors were not exactly pleased with another issue potentially clouding the waters, and sent Boeing stock down modestly in Tuesday afternoon’s trading.

The Directorate General of Civil Aviation in India recently completed a run of 24 checks on the 33 Boeing 787 Dreamliner aircraft operated by Air India. The result? Not a problem was found. Though not all the jets have been checked yet—six were “grounded for maintenance,” and three others are in operation but apparently were not checked—the fact that the government has found not a thing wrong with the 787 lineup should be much better news for Boeing than the recent stock performance suggests.

The inspections will continue over the course of the next two weeks, reports note, and will cover all of the 787-8 and 787-9 Dreamliners that come with GEnx engines from General Electric (GE). More specifically, inspections will range from fuel and cabin air systems to engine control and hydraulics. All of this is in a bid to find out what went wrong with the 787 Dreamliner that, for the first time in the craft’s history, crashed.

Gaining on Air Force One

Considering how much headway President Trump made for Boeing in the Middle East recently, it should likely not be a surprise that Boeing might want to repay this help. Thus, it has put special effort into the construction of the two new planes intended to be Air Force One, and has made more progress in the last four or five months than it has in the last four years, reports noted.

Boeing’s temporary head of defense, Steve Parker, noted “As we go forward, we have been able to see our way through some of these requirements that were just physically impossible to do. We’re just making really, really good progress.”

Is Boeing a Good Stock to Buy Right Now?

Turning to Wall Street, analysts have a Strong Buy consensus rating on BA stock based on 16 Buys, three Holds and one Sell assigned in the past three months, as indicated by the graphic below. After a 15.26% rally in its share price over the past year, the average BA price target of $221.56 per share implies 11.32% upside potential.

See more BA analyst ratings

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