RTTNews | Sep 28, 2021 09:53AM EDT

09:53 Tuesday, September 28, 2021 (RTTNews.com) - Shares of broadband connectivity services provider for the business aviation market, Gogo Inc. (GOGO) are rising more than 20% in the morning trade on Tuesday after raising its long-term financial targets.

The company sees revenue growth at a compounded annual growth rate of about 15% from 2020 to 2025 compared with prior target of at least 10%.

Annual Adjusted EBITDA margin is expected to increase to 45% from 40% in 2021 versus 35% - 40% projected earlier.

"Growth in private air travel continues to expand, fueling what we expect will be sustained growth in demand for inflight connectivity as customers seek to replicate their home and office connectivity in the air," said Oakleigh Thorne, Chairman and CEO of Gogo. "That has driven record equipment sales at Gogo and is expected to generate growth in high-margin service revenue through our 2025 planning horizon."

GOGO, currently at $14.67, has traded in the range of $8.02- $17.23 in the past 52 weeks.

Read the original article on RTTNews ( https://www.rttnews.com/3228790/gogo-rallies-after-raising-long-term-financial-targets.aspx)

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