UPDATE: Dominick & Dominick Initiates Coverage on ORBCOMM

According to a research report published this morning, Dominick & Dominick has initiated ORBCOMM ORBC with a Buy rating and $4.50 PT. In the report, Dominick & Dominick commented, "We are initiating coverage of ORBCOMM Inc. with a Buy recommendation and a $4.50 price target. We believe revenue and EBITDA can grow at a compound rate of 22% and 53%, respectively, over the next three years and sustained high rates beyond that as the company's new OG2 constellation begins deployment in 2013." ORBCOMM closed yesterday at $3.06.