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Boeing shares fell a breathtaking 24% on Monday. Investors are abandoning air-travel stocks as the fallout from the Covid-19 coronavirus pandemic grows. The stock is now pricing “aero-mageddon.”

Boeing shares (ticker: BA) fell 23.9%, or $40.59, to just under $130. The Dow Jones Industrial Average, for comparison, fell 2,999 points or about 13%. The S&P 500 fell roughly 12% Monday.

“This is bad,” Vertical Research Partner analyst Rob Stallard wrote in a recent research report. “The question that we are almost universally getting from investors is a variation of ‘are we there yet?’ Unfortunately, we think the answer is no.” Stallard thinks aerospace valuations can fall further.

He’s the analyst who coined the term aero-mageddon.

How bad is aero-mageddon? Boeing shares are trading for about 6 times estimated 2022 earnings. That is a year when things might be back to normal. Even if estimates are too high and come down some, the price-to-earnings ratio still looks incredibly low. In fact, Boeing stock, in recent years, enjoyed a premium valuation because of solid industry structure—there are only two makers of large commercial jets—and because the demand for air travel grows consistently, doubling about every 15 years.

Investors, in their panic, are assuming demand for air travel is permanently impaired by the virus spread and that there is material risk to Boeing and Airbus (AIR.France) backlogs of more than 10,000 commercial jets. That is more than 5 years of production at current rates.

Aerospace suppliersBarron’s tracks are getting hammered too. Those shares are down about 46% year to date on average.

Boeing stock is down about 60% year to date. Recent declines are all about the virus and not about the troubled 737 MAX, grounded world-wide for more than a year. Management still thinks it will return the plane to service by mid-2020.

The problem for Boeing and its airline customers is they don’t need the capacity. Delta Air Lines (DAL) announced on Friday it was cutting capacity by 40% for coming months.

Write to Al Root at allen.root@dowjones.com