In a report released today, Timothy Horan from Oppenheimer reiterated a Buy rating on Boingo Wireless Inc (NASDAQ: WIFI), with a price target of $30. The company’s shares closed yesterday at $22.39.
Horan observed:
“Consolidated revenue of $58.2M grew 31.2%, with strength in Military and wholesale Wi-Fi technology. Cash EBITDA of $9.8M was up 98% YOY. Accounting changes did help revenue on a one-time basis, but trends look very strong. Boingo has secured agreements with carriers as anchor tenants for 67% of its DAS backlog. Military beds expanded 6k beds, with subscribers up 12k, over a 40% penetration rate. Small cell builds should remain strong for a few years. A short report suggested yesterday that 5G was negative for the company, which we disagree with. Guidance was maintained, which we view as conservative, and we have tweaked up our estimates. We consider wireless volume growth very strong, with Boingo the least expensive way to deliver service.”
According to TipRanks.com, Horan is a top 100 analyst with an average return of 15.1% and a 72.9% success rate. Horan covers the Technology sector, focusing on stocks such as Interxion Holding NV, Zayo Group Holdings, and Limelight Networks.
Boingo Wireless Inc has an analyst consensus of Strong Buy, with a price target consensus of $30.58.
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The company has a one-year high of $28.34 and a one-year low of $14. Currently, Boingo Wireless Inc has an average volume of 386.3K.
Based on the recent corporate insider activity of 78 insiders, corporate insider sentiment is negative on the stock.
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Boingo Wireless, Inc. engages in the provision of mobile internet solutions for smart phones, tablet computers, laptops, and wireless-enabled consumer devices. It offers Wi-Fi subscriptions, Internet, and digital television. The company was founded by Sky Dylan Dayton on April 16, 2001 and is headquartered in Los Angeles, CA.
