The plane may not be delivered to the first customer until 2012, because last week’s electrical fire during a flight test may prompt a redesign of software and hardware, Heidi Wood, a New York-based analyst with Morgan Stanley, wrote in a note today. She rates the shares “equal-weight.”
The 787 test fleet remains grounded for a ninth day as the investigation continues into the Nov. 9 fire. The Dreamliner is the first airliner built with carbon-fiber composites and uses an all-electric system to save fuel. It has been delayed six times from its original May 2008 target, as Boeing struggles with the new materials, parts shortages, redesign work and a greater reliance on suppliers.
Boeing can’t decide when flights will resume until it completes the investigation and assesses whether design changes are necessary, said Lori Gunter, a spokeswoman, reiterating comments made yesterday.