Recent dip in Gogo shares a buying opportunity, says William Blair

William Blair analyst Louie DiPalma note that the FAA released business jet flight volumes for November that showed industry business jet flights were down 9% from last year, but up 18% from 2019. He now estimates industry business jet deliveries of 810 in 2023 and forecasts that Gogo‘s in-flight Wi-Fi AVANCE system will be activated on 700 new aircraft in 2023, compared to 577 activations for 2022. The analyst, who believes the in-flight connectivity market will prove "highly resilient" in a recession, views the recent dip in Gogo shares on recession fears as a buying opportunity and keeps an Outperform rating on the shares.