UPDATE: J.P. Morgan Downgrades Gogo On Upcoming Lock-Up Expiration

In a report published Friday, J.P. Morgan analyst Philip Cusick downgraded Gogo

from an Overweight rating to a Neutral rating, while maintaining a price target of $28.00. In the report, J.P. Morgan says "We downgrade shares of Gogo from Overweight to Neutral, as the stock is up 23.0% since reporting 3Q earnings (vs 1.4% on the S&P500) and is now above our $28 target. While we continue to believe in Gogo's long-term growth potential, we think the near-term upside is limited at this level as the upcoming lock-up expiration could create more supply and put pressure on the stock. Additionally with the FAA approval already in its hands, JetBlue could launch its wi-fi service anytime now and worry investors if the service turns out to be as good as promised. We downgrade Gogo from Overweight to Neutral and maintain our year end 2014 price target at $28 based on DCF." Gogo closed on Thursday at $29.70.