UPDATE: Wunderlich Securities Cuts PT to $68 on Kirby Corporation; Unexpected Maintenance Risks Guidance

Wunderlich Securities lowers its price target on Kirby Corporation

from $77 to $68 as it reiterates its Buy rating on shares. Wunderlich Securities comments, "Kirby's CEO, Joe Pyne, presented at the Bank of America/Merrill Lynch Global Transportation Conference on Thursday morning. Prior to the presentation, the company filed an 8K indicating that management would announce during the presentation that they expect earnings for FY12 to come in at the low end of the previously announced $3.85-$4.05 range. The negative impact came from unforeseen maintenance expense in the Kirby Offshore Marine (KOM) segment. As a result, we're lowering our estimates and reducing our price target to $68 from $77. However, we remain positive on the company due to strong momentum in the inland marine and legacy diesel engine services segment." KEX closed at $56.09 on Thursday.