After speaking with company management and following a statement made by American Airlines (AAL), William Blair analyst Jim Breen said no decisions have been reached at this time on about 400 of the airline's 550 aircraft that have Gogo equipment installed at this time. Breen believes language Gogo used in the company's 8-K regarding its expectation for American to exercise its option to de-install equipment on a significant portion or all of the fleet was overly cautious and thinks that the impact on Gogo's near-term free cash flow from both the 2Ku installations and the de-installations will be minimal. The firm keeps an Outperform rating on Gogo shares.