UPDATE: Deutsche Bank Downgrades Boingo Wireless to Hold on Lower Guidance

Deutsche Bank reduced its rating on Boingo Wireless

from Buy to Hold and lowered its price target from $13 to $8. Deutsche Bank noted, "We are lowering estimates for Boingo and downgrading the stock to Hold based on weaker than expected results/guidance and increasing execution risk associated with the company's growth initiatives. 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. In our view, the risk of a miss or further downward revisions may weigh on valuation through year-end." Boingo Wireless closed at $9.00 on Wednesday.