Fly News Breaks for March 2, 2020
Mar 2, 2020 | 12:30 EDT
The significant reduction in air travel volumes from the COVID-19 outbreak will negatively impact the number of passengers who pay to use Gogo's inflight Wi-Fi, William Blair analyst Louie DiPalma tells investors in a research note. Commercial aviation is responsible for roughly two-thirds of Gogo's revenue, the analyst points out. For 2020, DiPalma lowered Gogo's revenue estimate to $819M compared with the consensus of $867M and his previous estimate of $875.3M. For 2020, the analyst reduced Goge's revenue estimate to $975M from $996M. DiPalma, however, believes the shares have more than 100% upside over the next 12 months.
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