UPDATE: Dominick & Dominick Initiates KVH Industries at Buy on Maritime Broadband Strength
Dominick & Dominick initiated coverage on KVH Industries (NASDAQ: KVHI) with a Buy rating and a $15 price target.
Dominick & Dominick commented, "The main driver of growth is the company's broadband maritime services business, which has grown from a few million in revenue five years ago to an estimated $57.5 million this year. Incremental service margins exceed 60% as most of the company's network is built out. Our price target of $15 assumes an EV/EBITDA multiple of 8.0x to 8.5x, which would be closer to the high end of the 6.5x to 9.0x EBITDA range it has traded within since mid-2009.
KVH Industries closed at $12.50 on Monday.
Latest Ratings for KVHI
|Sep 2013||Chardan Capital||Initiates Coverage on||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.