UPDATE: Gogo Rallying on Evercore Upgrade

Gogo (NASDAQ: GOGO) shares were moving to the upside Wednesday morning following an upgrade at Evercore to an Overweight rating from Neutral, with a price target drop from $27 to $26.

In the report, analyst Jonathan Schildkraut stated that the company's 40 percent drop since December presented a good opportunity to get into the stock. Schildkraut went on to say that while weather does present some concerns, he expects the company's fourth quarter report to be a strong one, with BA Text & Talk contributing to that.

Later in the report, he went on to cover the class action suit involving the company, saying it was likely without merit, and that with all factors considered, the risk/reward scenario looked positive for the stock.

Gogo shares caught a bid in the pre-market on the news, rising as high as $20.93 before settling at a gain of 3.25 percent to $20.65 at the time of this report.