Ronald Epstein, Sept. 23 -- Kelly Ortberg told analysts in Laguna Beach last week that the 737 production line was not stable. The stock fell 4.5% the same session, the sharpest single-day decline since May, dragging a share already down nearly 13% on the year to $198.20 at the close on September 18. Bank of America told clients to buy it.

BA) in a note this week. The case: the selloff was "a bit dramatic," the company's order book is deep, and Ortberg, who took the chief executive role a year ago after David Calhoun's departure, is managing Boeing's problems without evasion. The gap between the $198 share price and the $270 target represents roughly 36% upside.

The same day Ortberg spoke at the Morgan Stanley Aerospace, Defense and Ind...