Cramer: Every Goldman Sachs' Objection Raised Against Boeing Is Old News

Shares of Boeing Co (NYSE: BA) opened lower Monday as analysts at Goldman Sachs downgraded the stock from Neutral to Sell. In a note to clients, the analysts argued that they believed Boeing’s demand and free cash flow could “end up disappointing expectations.”

CNBC’s Jim Cramer was seen making a case against the Goldman Sachs downgrade.

GS Statements Against Boeing Could Have Been Made At Other Levels

“Every one of these objections could have been made at [$]120, at [$]130, at [$]140, at [$]150,” Cramer said. “Jim McNerney [W. James McNerney Jr., Boeing CEO] has said over and over again that exactly the issue that they are talking about, which is the idea that oil comes down is going to eventually lead to a problem of demand has not come true one bit.

“McNerney has said ever since oil has come down he is surprised at the sheer number of orders. He has got a 10-, 20-year plan.

“Look, the stock has spiked and I get that.”

Related Link: How Sterne Agee Is Boosting Boeing

Oil Isn't The Only Headwind Affecting Boeing

“I understand the bear case,” Cramer replied. “It hasn’t been produced in any way.

“By the way, one of the reasons why we didn’t like Boeing was because the defense business was bad. The defense business is being cleared up. Another, they find fault with the Dreamliner.

Cramer continued, “The Dreamliner is really kicking in. They are starting to make more and more money.”

“My problem with Boeing is that it went from [$]130 to mid-[$]150s off one quarter, when everybody so called 're-rated' the stock and said, ‘You know what? All the problems are solved.’”