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UPDATE: JPMorgan Upgrades Gogo (GOGO) to Neutral

October 7, 2021 4:41 AM EDT
Get Alerts GOGO Hot Sheet
Price: $17.07 +2.83%

Rating Summary:
    2 Buy, 8 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 40 | New: 22
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(Updated - October 7, 2021 4:44 AM EDT)

JPMorgan analyst Philip Cusick upgraded Gogo (NASDAQ: GOGO) from Underweight to Neutral with a price target of $16.00 (from $11.00).

The analyst comments "We establish a December 2022 price target of $16 vs prior 2021 target of $11 and upgrade shares to Neutral from our previous Underweight rating. Following the sale of its Commercial Aviation segment to Intelsat, we expect Gogo to prioritize investments in its Business Aviation segment including its network upgrade. We believe shares are fully valued today following a sharp rise year-to-date and potential dilution from the May 2022 convert. In addition we are wary of future trends given the delay in Gogo’s 5G ATG network build as well as a potential rise in competition from LEO-based constellations."

For an analyst ratings summary and ratings history on Gogo click here. For more ratings news on Gogo click here.

Shares of Gogo closed at $14.98 yesterday.


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