UPDATE: Morgan Stanley Downgrades Gogo (GOGO) to Underweight
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Morgan Stanley analyst Simon Flannery downgraded Gogo (NASDAQ: GOGO) from Equalweight to Underweight with a price target of $14.00 (from $13.00).
The analyst comments "As the dominant private jet IFC provider, Gogo is benefiting from strong industry tailwinds with shares up >75% ytd. However, we see the competitive landscape shifting over the next year, likely pressuring valuation and FCF. Downgrade to Underweight with $14 PT, representing ~20% downside."
Shares of Gogo closed at $17.15 yesterday.
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