UPDATE: Brean Murray Carret & Co. Initiates Coverage on SeaChange International

According to a research report published this morning, Brean Murray Carret & Co. has initiated SeaChange International (NASDAQ: SEAC) with a Buy rating and $11 PT.

In the report, Brean Murray Carret & Co. commented, "We believe SeaChange is well positioned to capitalize on the shift to TV Everywhere, and that new management has sharpened the company's focus and will improve financial results. SeaChange has divested non-core assets and is now focused on three primary businesses: (1) VOD operating systems; (2) Home Gateways; and (3) VOD ad insertion. We believe each of these businesses is well positioned to capitalize on current spending trends, and initial traction gives us comfort that the company is successfully transitioning the technology cycle."

SeaChange International closed yesterday at $8.