Cramer: Boeing Shares Can Reach $80
NEW YORK (TheStreet) -- Jim Cramer says there is a "tale of two cities" scenario playing out with Boeing(BA) .
On the positive side, Boeing has introduced new products and addressed past safety issues.
There are negatives to consider though too, including the poor state of the airline companies and the uncertainty about Europe. Both factors have weighed on Boeing's stock in 2012.
Cramer says the crisis in Europe has caused people to believe that credit markets will dry up, as they did in 2008-2009. That would hurt Boeing because they also provide the financing to the airlines who buy their products.
There certainly seems to be some technical resistance in Boeing's stock, according to Cramer, who admits he doesn't understand this. He says the resistance is wrong and that the stock should be able to break through.
After Wednesday's positive earnings report, Cramer says he is "far less concerned about Boeing" than he was before the numbers were released. Boeing has a huge order backlog on commercial planes and execution should not be a problem going forward. Cramer sees Boeing as an $80 stock and would be a buyer today.
--Written by Caitlyn Grudzinski in New York.