Jefferies Raises the PT On KEX to $65

Jefferies raises Kirby Corporation's KEX Price Target after it announced its acquisition of K-SEA Transportation Partners KSP yesterday.

In the report Jefferies writes, "We are reiterating our Buy rating and increasing our 12-month price target to $65 per share based on KEX shares trading at 20 times 2012E EPS, the high-end of the historical earnings range. Risks to our price target include: (1) slowing of US GDP, (2) unsuccessful integration of recent acquisitions."

KEX closed at $56.33 yesterday. KEX has a Buy Rating.