Gogo buyback ‘represents a pivot,’ says William Blair

William Blair says Gogo‘s $50M stock buyback “represents a pivot” as the company most recently used $100M in cash to pay down debt. While there is “near-term noise” with the second 5G delay and the elevated customer suspensions, management and the board have confidence that the company’s long-term plan is intact, the analyst tells investors in a research note. The firm reiterates its view that Gogo shares will trend to the low $20s by the end of 2024. Blair keeps an Outperform rating on the name.