Guy Adami Is Bullish On Boeing

Guy Adami spoke on CNBC's Fast Money about a bullish trading idea in Boeing Co BA.

The company reported earnings on Wednesday and it managed to beat estimates and reach a new all-time high. Adami said the commercial airline growth was better than expected and he added that the defense business segment is underappreciated. He believes the valuation is not very expensive and he acknowledged that it has been worse in the past.

Adami added that Boeing traded mostly sideways in 2014 and 2015, which he sees as a period of building a base for a move higher. He believes the stock is going to continue to move higher after it reached its new all-time high.