Boeing Co (NYSE:BA) shareholders have dealt with one headache after another over the past several years, and the company recently added yet another disappointment to the list when it announced that more manufacturing flaws with the 737 Max will reduce production.

On Monday, Bank of America analyst Ronald Epstein said he remains on the sidelines on Boeing stock while the company continues to trip over its own feet.

Latest Issues: The latest production problems with the 737 MAX are related to o two of the eight fittings that hold the vertical tail on the fuselage. Estimates for the cost of fixing these issues have ranged from $70,000 per aircraft to $1 million per plane, Epstein said. Unfortunately, because Boeing decided not to file an 8-K providing an official update for investors, Epstein said Wall Street is left to speculate.

Related Link: Southwest Airlines To Face The Heat Of Boeing's 737 MAX Manufacturing Fault

How Did This Happen? The good news for Boeing investors is that fixing the production problem should be relatively quick and simple. However, the fact that this issue occurred in the first place is very strange, Epstein says.

"We, the investment community, were told the MAX was one of the most vetted aircraft in history, given its effective recertification with the FAA. Does the blame lie with Boeing, the FAA or the supply chain or all three?" Epstein said.

Boeing's problems started back in 2019 when the company was forced to ground the 737 MAX following two deadly crashes. Since then, the company has been plagued with a constraint stream of production and quality control issues, and Epstein says Boeing has been its own worst enemy.

Bank of America has a "neutral" rating and $225 price target for Boeing.

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Benzinga's Take: Ironically, Boeing was once one of the most reliable, predictable blue chip aerospace and defense stocks in the market. There is certainly value to Boeing's business, but the stock is unlikely to generate meaningful upside until it can stop the seemingly never ending parade of negative headlines.

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