One of Boeing Co.’s biggest fans on Wall Street is having second thoughts. Morgan Stanley research analyst Heidi Wood last week lowered her rating on the company’s stock to “equal-weight”—the equivalent of neutral—following a year-end briefing on the 787 aircraft’s development status (see p. 40). Pat Shanahan, the new 787 program manager, maintains that a recovery plan is on track to deliver the first aircraft by the end of 2008. But Wood thinks the hurdles ahead are too risky to advise her ...

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