Will Boeing (NYSE:BA) stock wing higher this year?

The Chicago-based airplane manufacturer’s share price managed to claw its way out of the hole it found itself in when its 737 Max aircraft were grounded worldwide between March 2019 and December 2020 after 346 people were killed in two high-profile crashes.

But at its current price of just under $190 a share, BA stock remains 55% below the $440 it was sitting at before the 737 Max crisis. Analysts remain bullish on Boeing and its prospects. However, the Russian attacks on Ukraine have caused new headaches for the company’s global operations and sparked renewed volatility in the share price. Since mid-February, the stock has dropped 13%.

The Russia Problem

Russia’s invasion of Ukraine has put many companies in a precarious position, especially those that have a global footprint. But the Russian attack has caused some particularly difficult issues for Boeing. Those issues include disruptions to the supply of titanium that Boeing sources from Russia and is dependent on to build its airplanes. (The company spent about $9 billion buying titanium from Russia over the past decade.)

There are also concerns that Boeing could be prevented from making any future sales to Russia as the U.S. government implements increasingly tough economic sanctions on the country following its attack on Ukraine.

For its part, Boeing has been doing its best to be a good corporate citizen. In response to the invasion of Ukraine, the company announced that it is suspending parts, maintenance and technical support for Russian airlines as well as its operations in Moscow. Additionally, Boeing has halted its operations at its Moscow Training Campus and temporarily closed its office in Kyiv.

Boeing’s moves are likely to have an impact as the company employs thousands of people in Russia, including at a major design center in Moscow. However, the decision to scale back its operations in Russia are adding to the volatility in BA stock.

Lingering 737 Max Fallout

While Boeing’s 737 Max aircraft have been recertified and cleared to fly in most jurisdictions around the world, and the company is doing its best to put the 2019 crashes and the scandal that followed behind it, there continues to be lingering fallout from the events that led to the 737 Max aircraft being grounded. This includes a new documentary series on Netflix (NASDAQ:NFLX) called Downfall: The Case Against Boeing that chronicles, in stark details, the internal events that led to the catastrophic airplane crashes.

However, despite this fallout, Boeing is managing to rebuild its business with new orders for its aircraft. Most recently, Qatar Airways ordered 34 new 777X cargo aircraft from Boeing, with an option for 16 additional aircraft. The pace of new orders is one reason why analysts are turning bullish on BA stock. Wall Street also continues to like that Boeing has a duopoly on aircraft manufacturing, with Europe’s Airbus SE (OTCMKTS:EADSY) being the only other commercial airplane builder in the world.

RBC Capital Markets recently placed a “buy” rating on BA stock along with a $285 price target. Among 21 analysts who cover Boeing, the median price target on the company’s stock is currently $265.

Be Careful With Boeing Stock

While it is true that Boeing is getting its business back on track after a couple of very bad years, getting its aircraft recertified and attracting new orders, it is still early days and the company’s share price still has a lot of ground to make up.

The 737 Max crashes are still fresh in a lot of minds. And the current complications created by Russia’s invasion of Ukraine cast some additional clouds over the company in the near-term.

For these reasons, investors should be cautious with Boeing. Right now, BA stock is not a buy.

On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.