Needham & Company maintained a Buy rating on KVH Industries (NASDAQ: KVHI), and cut the price target to $14.00 (from $16.00), following the company's 3Q15 earnings results. Results of $44.5MM of revenue, and $0.12 NG EPS, just missed consensus estimates. Management issued 4Q15 guidance of $52-56MM, $10.5-12.0MM of EBITDA and $0.38-0.43 NG EPS, effectively reducing the prior 2015 guidance to just below the low end of the prior ranges.

Analyst Richard Valera commented, "In the words of Roseanne Roseannadanna, "It's always something." In 3Q, the "something" for KVHI was continued oil & gas related pressure on mini-VSAT subs and a slipped TACNAV order. The net result was another in a long line of annual estimate cuts. We are frustrated by the failure of KVHI to deliver financials consistent with its promise. That said, we continue to see value in a business with over 60% recurring service revs and a synergistic combination of broadband and content assets, trading at only ~7x current year EBITDA. We maintain our Buy while trimming PT to $14 (was $16), or ~8.6x EV/C2016E EBITDA."

For an analyst ratings summary and ratings history on KVH Industries click here. For more ratings news on KVH Industries click here.

Shares of KVH Industries closed at $9.20 yesterday.