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Why Gogo Stock Kept Soaring Today

TheMotleyFool

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Shares of Gogo (NASDAQ: GOGO) extended a rally today that started earlier this week, closing up 29% after investors and analysts continued to express positive sentiments regarding the recently announced sale of the commercial aviation (CA) business to Intelsat. The jump follows yesterday's 43% gain.

In the immediate wake of the news, Roth Capital had boosted its price target on Gogo from $8 to $10. Analyst Scott Searle called the deal "transformative," as Gogo's CA business has been a drag on results. While the CA segment in North America was profitable before the COVID-19 pandemic struck, the CA business in the rest of the world has long been hemorrhaging cash.

Image source: Getty Images.

Source Fool.com

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