Boeing's (NYSE: BA) stock just had an exceptional quarter. It's up more than 56% over the past three months compared to an 8.5% rise in the S&P 500 index. At a share price of around $207, it sits on the cusp of reaching the Wall Street consensus target of $211. Meanwhile, heavyweight analysts at Morgan Stanley recently downgraded the stock, arguing that the valuation reflected the market pricing in the company achieving its 2025/2026 financial targets.

I think both the price target and the analyst downgrade are too pessimistic. Here's why.

In a nutshell, the Wall Street downgrade (to equal weight from overweight) is, in my view, a "sell" recommendation. I reason that it's superior, from a risk/reward perspective, to buy a broad-market index (through an ETF) rather than take on stock-specific risk by buying a stock (in this case, Boeing) that you think should be equally weighted. 

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Source Fool.com