UPDATE: Deutsche Bank Cuts PT to $7 on Boingo Wireless on Lower Than Expected Guidance
Deutsche Bank maintained Boingo Wireless (NASDAQ: WIFI) with a Hold rating and lowered the price target from $9.00 to $7.00.
Deutsche Bank noted, "WIFI posted mixed results & provided guidance below expectations, due to NT pressures in retail. Following results, we lower our PT as we align our ests with lower than expected guidance. Reiterate HOLD given NT execution risk as WIFI transitions to a more wholesale/ advertising based model. … [W]e reduce our price target to $7 (from $9) to reflect near-term risk associated with WIFI's shifting revenue mix, a lower target multiple (5x '14 EBITDA vs. 5.5x prior) and lower forecasts."
Boingo Wireless closed at $6.77 on Friday.
Latest Ratings for WIFI
|Apr 2015||DA Davidson||Maintains||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.