On last night's earnings call, Boingo Wireless management confirmed the rumors circulating last week that the company had been approached by multiple parties regarding potential strategic transactions and that the board has hired strategic advisors to evaluate potential options, Lake Street analyst Mark Argento tells investors in a research note. From a valuation perspective, the analyst believes his $22 price target is a "good starting place for an acquisition but it could prove to be conservative." Boingo has exposure to a significant amount of recurring "rent" like revenues, a strong backlog of additional sites under contract, and the opportunity to sign more venues over time, says Argento. The analyst reiterates a Buy rating on the shares with a $22 price target. The stock in premarket trading is up 16% to $13.85.