Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Gogo Inc. (NASDAQ:GOGO) rose more than 10% early Monday, and then settled to close up around 6% after an analyst upgraded the in-flight connectivity specialist.

So what: As reflected in last week's better-than-expected first quarter resultsUBS analyst John Hodulik cite valuation and continued strength in Gogo's business aviation segment. As a result, Hodulik upgraded Gogo shares from "neutral" to "buy," while at the same time curiously reducing his firm's per-share price target on Gogo from $26 to $23. To be sure, to explain the near-term optimistic call, Hodulik notes that "Gogo represents an attractive way to play the growth in wireless data, given its long-term airline contracts and consumers' desire to be constantly connected."

Now what: Even so, he also reduced his 2015 and 2016 earnings estimates given Gogo's anticipated costs to roll out its 2Ku and Ground to Orbit initiatives, as well as possible competitive pressures resulting from the entry of much larger telecom players in the space. As a long-term oriented investor, those concerns are of utmost importance to me, which is why I'm sticking by my previous call to simply keep Gogo on my watch list to see how it plays out over the next few quarters.

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