NEW YORK (MarketWatch) — It will apparently take more than another Dreamliner fire to ground Boeing Co. shares.

Boeing BA, +0.04% rose 3.7% Monday to close at $105.66 a share after hitting an intraday high at $105.87 and helping to lead the Dow Jones Industrial Average DJIA, -0.46% to another record close. That’s not a bad rebound for a stock that had plunged 4.7% on Friday after a parked 787 Dreamliner caught fire at Heathrow Airport in London.

“This latest incident is clearly unwelcome news, but on balance, we see reason to hope and believe that it represents yet another (if particularly painful) teething episode,” wrote analyst Yair Reiner of Oppenheimer & Co. in a note late Sunday. “Pending further information, our bias is to buy Boeing on weakness.”

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The Wall Street Journal on Monday reported that investigators are probing the plane’s emergency-locator transmitter as a potential cause.

So far, Friday’s incident hasn’t prompted any airlines to ground their Dreamliners. And as a nearly 40% year-to-date rise in the stock attests, even the earlier grounding of the Dreamliner has had little lasting impact on Boeing’s share performance. In fact, it had notched an intraday record above $108 Friday before reports of the Heathrow incident emerged.

While no one was injured, the Friday incident still seemed to mark another forehead-slapping moment for the aerospace behemoth. If the fire aboard the empty Ethiopian Airlines jet wasn’t enough, an unrelated “technical issue” forced a Florida-bound Dreamliner to return to Manchester, England on Friday as well.

Anyone who has followed Boeing will recall that the Dreamliner returned to the skies in April, ending a 3½ month grounding that followed fires tied to problems with the wide-body plane’s lithium-ion batteries.

The fact that Friday’s incident appeared to be unrelated to the battery issue was a source of relief for Boeing bulls and for the company. Boeing has said modifications to the battery system would prevent fires, while isolating any damage should a fire occur.

Emergency crew surrounds a Boeing 787 Dreamliner, operated by Ethiopian Airlines, which caught fire at Britain's Heathrow Airport on Friday. Reuters

A Boeing spokesman told The Wall Street Journal on Sunday: “The safety of passengers and crew members who fly aboard Boeing airplanes is our highest priority. We are confident the 787 is safe and we stand behind its overall integrity.”

The U.K.’s Air Accidents Investigations Branch on Saturday issued a short news release that said the initial investigation would likely take several days.

It noted, however, that it was clear that the heat damage, located in the upper portion of the rear fuselage, “is remote from the area in which the aircraft main and APU (Auxiliary Power Unit) batteries are located, and, at this stage, there is no evidence of a direct causal relationship.”

Analysts at Bernstein Research were quick Friday to deem the dip a buying opportunity, citing a perceived lack of any material risk from the incident to the 787 program.

“Because it appears that the 787 fire is not related to the battery, we believe it is likely that this is a one-off problem that certainly must be addressed, but doesn't pose a risk to the overall program,” they wrote. “For that reason, the fact that Boeing’s market capitalization lost more than $4 billion after the incident appears completely out of line with the importance of this event, which may turn out to be insignificant.”