Investors should continue to practice caution when it comes to Boeing , despite the stock’s outperformance in the past few days, according to Oppenheimer’s Ari Wald. The firm’s head of technical analysis joined CNBC’s ” Power Lunch ” on Monday to offer his take on the beleaguered aerospace and defense stock. Here’s what he had to say. Boeing Shares of Boeing popped 3% last Friday after winning a multibillion dollar fighter jet contract from the White House, beating out competitor Lockheed Martin. The stock ended last week 10% higher after CFO Brian West told investors at a Bank of America conference that Boeing’s cash burn is easing this quarter. On the back of this news, on Monday Melius Research upgraded Boeing to a buy rating, pointing to a “period of positive newsflow” that could help boost the stock. Shares of Boeing ended Monday 1.6% higher. Despite this, Wald cautioned that he’s still avoiding the stock at its current levels. “I’m just skeptical about what I see as a longer-term trend of lower highs dating back to 2019; I just wouldn’t be able to defend it on a pullback,” he said. “Now, we saw similar action in the stock in 2022 — that was really kind of the last time the stock started to break to the upside after a sustained down move. Consider though, that period was supported by this new bull market cycle.” “I’m just unsure if strength can be sustained in what we see as this more later innings bull-market cycle. [If] the market tide recedes, I think Boeing comes in with it,” Wald added. Palantir On the other hand, Wald singled out Palantir as one of his favorite stocks due to its high momentum. Despite falling off its all-time high, the software stock has rallied in recent days, adding 4% on Friday and 6.4% on Monday. “The stock has been able to hold support levels. I think it is still intact. And actually, contrary to popular belief, short-term trading aside, we have shown the factor has typically outperformed, both into a major top and coming out of it as well,” Wald said. “So again, while there is risk for — I think — equity markets as a whole, I like Palantir. I think it looks better than the market. It’s still in an uptrend.” Dutch Bros Wald is also bullish on Dutch Bros . On Monday, the coffee chain stock added 7.7% after Morgan Stanley initiated shares at an overweight rating and $82 price target, representing 25% upside for the stock. Morgan Stanley analyst Brian Harbour said that Dutch Bros’ new management should boost the chain’s medium-term outlook. “The uptrend is intact here,” Wald said. “I think with today’s breakout move — jumping back above the 50-day average at $67 — I think the trade is for a test to that low-80 mark. And I think that’s the trade that we see in the upside potential.” Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles, and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!