NEW YORK (TheStreet) -- Shares of Gol Linhas Aereas Inteligentes (GOL) are sharply up 10.32% to $5.13 on heavy volume in late morning trading Thursday, after the Brazil-based transportation company was upgraded to "buy" from "neutral" by analysts at Bank of America/Merrill Lynch this morning.
Yesterday, GOL Linhas reported its domestic load factor of 79.9% in November, as domestic demand increased by 6% during the month and 7.8% for the year.
In November, the number of paid passengers transported in the domestic market was 3.2 million, 5.1% higher compared to November of last year.
Gol Linhas is a holding company primarily engaged in the passenger air transportation sector.
About 2.15 million shares of Gol Linhas have traded hands as of 11:11 a.m., compared to its average trading volume of about 1.83 million shares a day.
Separately, TheStreet Ratings team rates GOL LINHAS AEREAS INTELIGENT as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOL LINHAS AEREAS INTELIGENT (GOL) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow and poor profit margins."