Don't write off Boeing just yet. TradingAnalysis.com founder Todd Gordon says the airplane manufacturer could bounce back toward its record highs after tumbling 20% since March.
for flight by the holiday travel season. The plane has been grounded since March after the second of two fatal crashes.
Gordon says Boeing's bad news is already priced in and the stock could make a move back toward its highs. "We have a low of about $290 right here. I think there's some real value here, which is also comprised of this blue parallel channel," said Gordon. He adds that $325 could act as a floor before the stock makes a move back to a record high.
However, Quint Tatro, founder and president of Joule Financial, says the stock may not be ready for a comeback. "Fundamentally, this stock is very attractive, unbelievably strong free cash flow, balance sheet is sound, but from our vantage point, there's just too many headwinds with not only the 737, but 14% of revenues still from China," Tatro said on the show. "Even though it's 20% off highs, this stock is a no-touch for us here, and I think investors have to be very, very careful thinking that this is a 'buying the blood in the street' and it could go a lot lower.
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