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Needham Keeps Buy on KVH Industries

Needham reiterates its buy rating on KVH Industries (KVHI).

Analyst Rich Valera says slippage of a defense order, and the A5 production delay (which seems to be largely resolved) is not overly concerning. He finds KVH's 2,000 to 3,000 A5 unit estimates encouraging as it demonstrates solid initial demand, and some confidence on the company's part in its ability to meet demand.

That said, he had not anticipated the substantial startup and early production costs of A5. Valera says the key to a continued positive stance is the belief that KVH will be able to cut production costs as volume ramps. Hence, he thinks long-term fundamentals are intact. Valera cut the 22 cents 2003 earnings per share estimate to 5 cents, and cut the 62 cents 2004 estimate to 45 cents.

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