Deutsche Bank Downgrades Boingo Wireless (WIFI) to Hold

August 9, 2012 7:44 AM EDT
Get Alerts WIFI Hot Sheet
Price: $12.00 -0.66%

Rating Summary:
    9 Buy, 1 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Deutsche Bank downgraded Boingo Wireless (NASDAQ: WIFI) from Buy to Hold with a price target of $8.00 (from $13.00).

"Our key concern is that Boingo will still have difficulty achieving its reduced full year guidance, which relies on a material reacceleration in revenue growth in 4Q, primarily due to non-recurring advertising revenues," said analyst Brett Feldman.

"In our view, the risk of a miss or further downward revisions may weigh on valuation through year-end. Longer-term, we still see material growth potential due to the increasing importance of Wi-Fi infrastructure, but prefer to move to the sidelines until visibility improves," he added.

For an analyst ratings summary and ratings history on Boingo Wireless click here. For more ratings news on Boingo Wireless click here.

Shares of Boingo Wireless closed at $9.00 yesterday.

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