UPDATE: DA Davidson Initiates Boingo Wireless at Buy with $9 PT on Share Weakness Opportunity

DA Davidson initiated its coverage on Boingo Wireless WIFI with a Buy rating and a price target of $9. DA Davidson said, "The disappointing Q2 results and lower guidance have put pressure on the stock and this pressure could continue since guidance for Q4 is still very high. We would use further weakness as a buying opportunity since new wholesale contracts should reaccelerate growth in 2013 and the company has a clean balance sheet with $2.64 per share in cash and is generating positive free cash flow." Boingo Wireless closed at $6.79 on Tuesday.