Why JPMorgan Sees 7% Upside In Gogo?

JPMorgan analyst Philip Cusick upgraded Gogo Inc (NASDAQ:GOGO) to Neutral from Underweight with a price target of $16, up from $11, implying a 6.81% upside.
The company recently announced improved long-term financial targets based on record equipment sales, which management has now flowed through into overall long-term expectations, Cusick notes.
The analyst likes the improving outlook at Gogo and expects the elevated level of activity will continue post-pandemic.
He upgrades the stock to Neutral post the recent volatility.
Price Action: GOGO shares traded higher by 3.40% at $15.49 in the premarket session on the last check Thursday.