UPDATE: Oppenheimer Starts Boingo Wireless (WIFI) at Outperform
- Wall Street dips as telecoms slump; AmEx surges
- Microsoft (MSFT) Tops Q1 EPS by 8c
- AMD (AMD) Posts Q3 Operating EPS of 3c; Sees Q4 Revenue Down Sequentially
- AT&T (T) Said to Discuss Idea of Takeover in Time Warner (TWX) Meetings
- After-Hours Stock Movers 10/20: (CERC) (ALKS) (PFPT) (MSFT) Higher; (SKX) (RRGB) (AMD) Lower (more...)
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
(Updated - September 14, 2016 9:32 AM EDT)
Oppenheimer initiated coverage on Boingo Wireless (NASDAQ: WIFI) with an Outperform rating and a price target of $12. Analyst Timothy Horan said the company is well positioned to leverage data growth.
"Boingo is well through a radical transformation that positions it to benefit from the secular growth in data usage. We expect mobile data traffic to grow 10x in the next six years, and Boingo can uniquely aid this growth through small cells that combine LTE and Wi-Fi roaming to wireless and cable operators. Boingo can be the low-cost provider of offloaded wireless data traffic in dense areas. We believe growth in data usage will necessitate a 25-50% increase in cell site equivalent locations, driving 20%plus growth in small cell growth (Wi-Fi and LTE). Given the secular tailwinds, we believe that Boingo can grow revenue by 12% and EBITDA by 15% per year," said Horan.
Shares of Boingo Wireless closed at $8.94 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Dougherty & Co Starts EMCORE (EMKR) at Buy
- Wedbush Cuts Price Target on Tractor Supply (TSCO) to $65 Following 3Q
- Buckingham Research Starts Columbia Sportswear (COLM) at Neutral
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!