Boeing - Analyst Sees First Boeing 787 Delivery In 2011

Morgan Stanley said it expects the first delivery of Boeings 787 Dreamliner to be pushed to 2011, a day after the planemaker postponed the first test flight for a fifth time.

"We prefer to stay on the sidelines while Boeing resolves material issues with the 787," said Morgan Stanley.

On Tuesday, Boeing said it delayed the test flight to reinforce an area within the side-of-body section of the aircraft. Boeing gave no new date for the flight or the first delivery, which also would be rescheduled.

The revolutionary carbon-composite aircraft, already two years behind its original schedule, was to fly in the second quarter of 2009 with the first delivery scheduled for the first quarter of 2010.

The delay driven by unexpected stress on the plane parts and the management's limited knowledge of this development shows that this program is too risky to warrant an overweight rating, analyst Heidi Wood said in a note to clients.

That the models did not predict these stress points could result in the Federal Aviation Administration seeking more data, which could slow down the certification process, she added.

"What worries us is the potential for more negative insights through the certification phase," Wood said, adding that the risk of further negative developments and rising costs ahead is higher than originally anticipated.