Gogo resumed with a Neutral at JPMorgan

JPMorgan resumed coverage of Gogo with a Neutral rating and price target of $11, down from $15. The company reported strong Q4 earnings but provided soft 2024 outlook on the back of a slower shipment outlook, incremental delays to the 5G launch, the projected mix shift to Galileo, and elevated costs associated to the launch of 5G and Galileo, the analyst tells investors in a research note. The firm thinks investors will need to see an inflection in key performance indicators and financials in the back half of 2024 from the execution of the product launches. As such, the shares have limited near term catalysts in the near-term, says JPMorgan.