UPDATE: Dominick & Dominick Initiates KVH Industries at Buy on Maritime Broadband Strength

Dominick & Dominick initiated coverage on KVH Industries

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.