Jefferies Raises Price Target on Boingo Wireless (WIFI) to $13; Reiterates Buy
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Jefferies reiterated a Buy rating on Boingo Wireless (NASDAQ: WIFI), and raised the price target to $13.00 (from $11.00), following the company's 3Q earnings report. Revenue of $40.8mn was 1.2% below the Street's estimates, as weak Advertising & Other offset strong DAS and Wholesale performance.
Analyst Scott Goldman commented, "DAS results were impressive while strong margins contributed to an impressive free cash inflection. Commentary suggests DAS is likely to remain strong given elevated carrier activity, while an initial small cell deployment brings the prospect of an expanded addressable market. Given stronger profitability and free cash generation, we raise our price target to $13."
Shares of Boingo Wireless closed at $10.71 yesterday.
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