Oppenheimer analyst Timothy Horan notes that Bloomberg has reported that Boingo Wireless (WIFI) is exploring a potential sale after receiving takeover interest, according to people familiar with the matter. The most likely bidders would be towers, private equity, or infrastructure funds, he contends. The analyst believes the business could sell for 20-times Cash EBITDA, implying a target price of $21. The towers such as American Tower (AMT) and Crown Castle (CCI) have a strong incentive to tap into the indoor-wireless market, and Boingo's NYC MTA indoor wireless projects could quickly help gain momentum, he adds. However, Horan notes that Boingo is in several different businesses and would likely need to divest certain assets beforehand. The analyst believes the company may issue weak guidance during earnings, which would make a "solid" buying opportunity. He has an Outperform rating and $15 price target on Boingo's shares.