"Our thesis is that Boeing has really run out of mulligans, if you will, because of the severity and the frequency of the incidences," he said. "So we just think it's safer to sit and watch this out for a couple of months and make sure they have things under control."
On "Fast Money," the senior equity research analyst said that Boeing remained a strong company - just not for the next few weeks.
"We've been long-term bulls on Boeing, and we will continue to be," he said. "But this is just a situation where we have experience, having worked at an aircraft manufacturer, where there are always teething pains, but the market does not like to view anything that has a fire related to it as a teething pain."
A fuel leak forced a Boeing 787 Dreamliner operated by Japan Airlines to return to the gate at Boston's Logan International Airport, canceling its scheduled takeoff.
The second mishap in as many days helped send Boeing's stock price lower in heavy trading.
"What concerns us the most is not what the exact issue is, but rather why the 787's systems aren't isolating, to quarantine the problem and make this a normal issue that precludes the aircraft from taking off rather than exacerbating to either an emergency landing, or in this case, a fire," Leake said.
Leake also appeared ready for more Boeing headlines.
"I am confident that we are going to have another incident with the 787. That's just the way airplanes work," he said. "The issue is: Do you want to be an owner of the stock in the next 30 days if that incident just happens to be an electrical issue, and worse, an issue that may involve smoke in the aircraft?"
While Leake added that he didn't expect issues with Boeing aircraft orders or cancelations because of the way contracts were structured, he did raise the possibility of customers in China and India to "balk" at taking delivery.
In those cases, a contract, he said, "doesn't preclude customers playing hardball with Boeing."
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