Nicolas Owens and Nick Raich break down Boeing’s (BA) earnings as its recovery proves more costly and slower than expected. They point to improving cash flow, defense results and strong demand, but say Boeing still needs to consistently ramp 737 production while maintaining quality. Owens sees the selloff as overdone and the stock as roughly 30% undervalued, while the broader outlook for industrials remains positive heading into 2027, with AI potentially boosting productivity.