Shares of Boingo Wireless Inc. soared 32 percent on Monday after equity analysts from four underwriters of the company’s initial public offering initiated coverage that recommended buying the stock

The Los Angeles-based Wi-Fi service provider’s May 4 IPO had been highly anticipated, but it opened below the offering price of $13.50 on its first day of trading and had since fallen 43 percent as of Friday.

But on Monday, Credit Suisse Securities, Deutsche Bank, Pacific Crest Securities and William Blair & Co. all issued initiation reports, describing the stock as significantly undervalued compared with its peers and its Ebitda (earnings before interest, taxes, depreciation and amortization). All made recommendations of either “outperform” or “buy,” with 12-month price forecasts between $13 and $15.

Boingo’s revenue comes from individual monthly subscribers and wholesale Wi-Fi contracts that are purchased by carriers or venues for use by their customers.

Boingo “is trading at a 30 percent discount to key (comparable Internet) companies despite Ebitda growth that is 60 percent faster,” said Credit Suisse’s Brett Feldman. He added that despite perceptions that potential subscribers may opt instead for free Wi-Fi locations or use their cell carrier’s data services, carriers themselves are supporting Boingo-like services as a way to reduce the load on their own networks.

“Verizon (officials) indicated plans to make greater use of Wi-Fi to offload 3G/4G traffic, and Boingo is (Verizon’s) key Wi-Fi carrier,” Feldman said.

Pacific Crest’s James Faucette called the stock an “attractive value play.”

“We are optimistic that the number of locations where Wi-Fi will be deployed is poised to explode over the next couple of years, driven by a combination of customer demand and carriers looking to offload wireless traffic,” Faucette said in his report.

Shares closed up $2.46, or 32 percent, to $10.11 on the Nasdaq.

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