Whatever you think you can do or believe you can do, begin it. Action has magic, grace and power in it.
~ Johann Wolfgang von Goethe (August 28, 1749 - March 22, 1832)
Despite its significant defense exposure, we believe Boeing's [stock] performance is principally driven by the outlook for new aircraft orders, which is likely to remain depressed, given the airlines' financial difficulties and the oversupply of aircraft that currently overhangs demand. We believe Boeing's recent run leaves the stock exposed to downside risk in the near term, with limited upside potential.