NEW YORK (AP) — Shares of Boeing Co. fell in premarket trading Wednesday after a Morgan Stanley analyst downgraded the airplane maker, saying Boeing will fail to reach its goal of delivering 109 of its Dreamliner 787 aircraft by 2009.
On Tuesday, the company said production of the new jetliner is on schedule, but comments by one executive that the delivery goal is ''aggressive'' may have caused investors to worry that the target will be reduced. In October, Boeing delayed flight testing and first deliveries of the 787 by six months.
Analyst Heidi Wood lowered her rating to ''Equal weight'' from ''Overweight.'' Wood removed her price target of $140 per share, which was the highest among analysts reporting to Thomson Financial.
Wood said she previously believed that investors would be reassured when Boeing reached key milestones in building the plane, such as activating the first fully assembled model — set for January — and the start of test flights, scheduled for March.
But she no longer thinks that is the case, and noted more delays in the jet's construction may be ahead.
''The risk terrain rises from first flight in first quarter 2008 to the hardest goal, to deliver 109 787s by 2009,'' she said. ''We don't believe this goal is achievable.''
Shares fell $1.45, to $87.25 premarket. The stock finished at $88.70 on Tuesday.