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Beware Boeing 787 ‘Teething Pains’: Analyst

The long-term bull case for Boeing remains, despite recent troubles with its 787 Dreamliner aircraft, Carter Leake of BB&T Capital Markets said Tuesday on CNBC.

"Our thesis is that Boeing has really run out of mulligans, if you will, because of the severity and the frequency of the incidences," he said. "So we just think it's safer to sit and watch this out for a couple of months and make sure they have things under control."

On "Fast Money," the senior equity research analyst said that Boeing remained a strong company – just not for the next few weeks.

"We've been long-term bulls on Boeing, and we will continue to be," he said. "But this is just a situation where we have experience, having worked at an aircraft manufacturer, where there are always teething pains, but the market does not like to view anything that has a fire related to it as a teething pain."

A fuel leak forced a Boeing 787 Dreamliner operated by Japan Airlines to return to the gate at Boston's Logan International Airport, canceling its scheduled takeoff.

The second mishap in as many days helped send Boeing's stock price lower in heavy trading.

"What concerns us the most is not what the exact issue is, but rather why the 787's systems aren't isolating, to quarantine the problem and make this a normal issue that precludes the aircraft from taking off rather than exacerbating to either an emergency landing, or in this case, a fire," Leake said.

(Read More: After Boeing 787 Fire, Another Dreamliner Has Fuel Leak)

Leake also appeared ready for more Boeing headlines.

"I am confident that we are going to have another incident with the 787. That's just the way airplanes work," he said. "The issue is: Do you want to be an owner of the stock in the next 30 days if that incident just happens to be an electrical issue, and worse, an issue that may involve smoke in the aircraft?"

While Leake added that he didn't expect issues with Boeing aircraft orders or cancelations because of the way contracts were structured, he did raise the possibility of customers in China and India to "balk" at taking delivery.

In those cases, a contract, he said, "doesn't preclude customers playing hardball with Boeing."

Trader disclosure: On Jan. 8, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Karen Finerman is long AAPL CALL SPREADS; Karen Finerman is long AAPL PUT SPREADS; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long WLP; Karen Finerman is short SPY; JJ Kinahan is long AAPL; JJ Kinahan is long BAC; JJ Kinahan is long C; JJ Kinahan is long GS; JJ Kinahan is long WFC OPTIONS; JJ Kinahan is long CSCO; JJ Kinahan is long SBUX OPTIONS; JJ Kinahan is long FB; JJ Kinahan is long MSFT; JJ Kinahan is long YUM; JJ Kinahan is long SPY OPTIONS; Keith McCullough is long GDX; Keith McCullough is long GLD; Keith McCullough is long SBUX;

For Carter Leake
An affiliate of BB&T Capital Markets received compensation from Spirit AeroSystems Holdings Inc. for products or services other than investment banking services during the past 12 months. The analyst or employees of BB&T Capital Markets with the ability to influence the substance of this report know or have reason to know the foregoing facts.
BB&T Capital Markets makes a market in the securities of Spirit AeroSystems Holdings Inc.
BB&T Capital Markets expects to receive or intends to seek compensation for investment banking services from Spirit AeroSystems Holdings Inc. in the next three months.
An affiliate of BB&T Capital Markets received compensation from The Boeing Company for products or services other than investment banking services during the past 12 months. The analyst or employees of BB&T Capital Markets with the ability to influence the substance of this report know or have reason to know the foregoing facts.
BB&T Capital Markets makes a market in the securities of The Boeing Company.
BB&T Capital Markets expects to receive or intends to seek compensation for investment banking services from The Boeing Company in the next three months.

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