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Ladenburg Thalmann maintained its Buy rating and $12.25 price target on Boingo Wireless Inc (NASDAQ: WIFI) as the strong second quarter results suggest positive cash flow in the back half of 2016.
Driven by strength in military and DAS segments, Boingo Wireless' second quarter revenues rose 14 percent to $39 million, topping consensus view of $38.94 million. Quarterly loss of $0.19 was better than analysts' expected number of $0.20.
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The company maintained its previous guidance for 2016 with a revenue range of $158 million to $164 million, gross margins in the mid-50 percent range, and adjusted EBITDA range of $38.5-$42.5 million.
Reflecting second quarter results, analyst Jon Hickman cut his 2016 revenue estimate to $161.6 million from $162 million.
At the end of the June 2016 quarter, Boingo reported a cash balance of $9.3 million. With the expected positive full-year cash flow for 2016 and the current credit line, the company believes it won't need any additional equity capital for the foreseeable future.
"We believe the ongoing growth in DAS deployments, the sizable potential from the current U.S. Military contracts and the carrier off-loading opportunity point to an extended period of revenue growth for 2016 and beyond," Hickman wrote in a note.
At time of writing, shares of Boingo rose 3.26 percent to $8.88.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.