Boingo Wireless Inc (WIFI) Gets a Buy Rating from Oppenheimer


In a report released today, Timothy Horan from Oppenheimer maintained a Buy rating on Boingo Wireless Inc (WIFI), with a price target of $32. The company’s shares closed yesterday at $22.23.

Horan observed:

“Boingo results continue to be lumpy as the company transitions to new businesses, lose legacy (AMEX/Retail) and accounting impacts (NY Port Authority Contract extension). WIFI reported revenue growth of 14% vs. our 16% estimate, and 19.5% adjusted for reamortization. DAS revenue grew 1.2% unadjusted, but at 14.6% normalizing for the Port Authority Contract. Retail/Advertising revenue was weak but we think will stabilize here. Boingo added three DAS contracts to get to 74 and looks to deploy 30+ venues in the back half of 2019. However, we are reducing our price target to $32 from $39 on lower cash EBITDA in the quarter and our estimates and a higher debt load.”

According to TipRanks.com, Horan is a top 25 analyst with an average return of 17.4% and a 76.4% success rate. Horan covers the Technology sector, focusing on stocks such as Interxion Holding NV, Limelight Networks, and GTT Communications.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Boingo Wireless Inc with a $29.75 average price target.

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The company has a one-year high of $35.98 and a one-year low of $18.50. Currently, Boingo Wireless Inc has an average volume of 670.5K.

Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is negative on the stock.

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Boingo Wireless, Inc. engages in the distribution of wireless connectivity solutions. It offers distributed antenna systems (DAS), Wi-Fi, and small cells. Its hotspot location includes airport; café/retail; convention center; hotel; and other such as schools and universities, office, hospitals, and public places.

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