Yesterday evening, Delta Air Lines (DAL) Twitter indicated that it does not expect to launch free Wi-Fi in the next three months, a revision from its Twitter comment earlier in the day, William Blair analyst Louie DiPalma tells investors in a research note. The analyst notes that neither Delta nor Gogo has provided any timeline for the launch, other than Delta's CEO last week saying that it should be available soon. DiPalma expects the launch to take place in Q3 of 2020. However, he believes the "Twitter walk-back" may invigorate bearish investors who believe that Gogo's inflight connectivity system cannot handle free Wi-Fi. Since Gogo has nine-times leverage and trades at a premium valuation, multiple compression resulting from the inability to meet Delta's demands "could result in a significant decline in equity value," says the analyst. Bullish investors want Delta to launch free Wi-Fi as soon as possible because of a potential positive step function increase to Gogo's EBITDA, he adds. DiPalma still projects Gogo shares in 2021 will appreciate to a range of $10 to $15. He keeps an Outperform rating on the name.