Boeing shares are worth buying on the pullback from new developments In the 737 max Saga, analyst Sheila Kahyaoglu told CNBC on Friday.

The aerospace company saw its shares fall 6.79% on Friday to $ 344. At these levels, Kahyaoglu said the stock looked “more attractive, to be honest.”

“This is discounting my estimate of free cash flow in 2021 by 25%,” she said.

The rollback followed a statement by the Federal aviation administration that Boeing withheld “concerned” communications from 2016 between employees about the flight control system involved in the two 737 Max crashes.

The news added a new layer to the aircraft manufacturer’s crisis over its 737 Max jets, which have been based around the world since March.

In October 2018, two crashes involving a model aircraft and its faulty flight control system in October 2018, and in March, 346 people were killed.

The fall of Boeing stock contributed to the fall of the Dow Jones Industrial Average by 210 points, or 0.8%.

Cahyaoglu said she wasn’t sure “what the disclosure of text messages would have to do with the long-term landscape for Boeing and the 737 Max, the manufacturer’s bestseller.

But Cahyaoglu said she believes in the shares because she believes Boeing has taken significant enough steps to improve safety in the future.

She pointed to her decision to establish an aerospace safety Committee on her Board; the creation of an internal safety-focused organization; and the appointment of former General Electric Executive David Calhoun as non-Executive Chairman of the Board.

“I think they’re taking security measures in the future to change the way aircraft are certified, whether it’s a Max or a 777X,” Kahyaoglu said.

While Boeing has estimated it will get permission to start flying the 737 Max again in the fourth quarter, Kahyaoglu said it looks less likely. She noted Southwest Airlines ‘ recent decision to return the plane to its fleet in early February.

“Max passes certification by the end of the year is becoming more and more stretch and commissioning is more likely in the first quarter,” she said.

CNBC’s Leslie Josephs and Phil LeBeau contributed to this report.