Credit Suisse analyst Stephen Ju lowered the firm's price target on Boingo Wireless to $20 from $26 and keeps an Outperform rating on the shares following the company's Q4 results, saying the company missed on Advertising and Wholesale, with in-line results in Military, Elauwit, and Retail. The analyst sees realization of greater P&L impact from incremental and expanded carrier offload agreements, optionality for faster subscriber and ARPU increases in military subscription plans and secular growth of data consumption due to proliferation of connected devices and streaming video.