UPDATE: Morgan Stanley Downgrades Gogo On Unattractive Risk-Reward Outlook

In a report published Friday, Morgan Stanley analyst Simon Flannery downgraded Gogo (NASDAQ: GOGO ) from an Equal-weight rating to an Underweight rating. In the report, Morgan Stanley says "We are downgrading Gogo to Underweight, with the stock price trading at 22x our 2016E EBITDA, well above our base case