'Power on' for Boeing's 787 Dreamliner set for June

787 power on: A stepping stone

"All initial plane assemblies have delays, but there's less tolerance for delays with the 787 project because one of its major features, one of the selling points of decentralization, was that it is supposed to be a simpler, quicker, more cost-effective assembly process," Bauer said. "Assembly delays, and contractors who don't fulfill work orders contradict that, which is why 'power on' is an especially big day for the 787." Bauer added that he does not have a rating on nor own shares of Boeing.

Boeing shares declined $1.57 to $85.49 in mid-day Tuesday trading, amid a broader market sell-off.

Power on is important, but not the last hurdle. 'Static' or stress testing will ensue, followed by air tests, Bauer said. "Think of the 787 as a car about three months away from the test track," he said.

If all goes well, the 787 will easily be the most fuel-efficient, creature-comfort-filled, commercial jetliner, Bauer said. Further, efficiency will be a major driver of sales, given record-high jet fuel prices, he said.