Market Overview

UPDATE: Bank of America Lowers Kirby's PO

Related KEX
Stocks Hitting 52-Week Lows
Morning Market Losers
Dow Transports Slump on Profit Taking, Economic Worries (Fox Business)

According to a research report published this morning, Bank of America lowered Kirby's (NYSE: KEX) PO from $74 to $69.

In the report, Bank of America commented, "We are lowering our 2012 EPS estimate to $3.82 from $4.10, and our price objective to $69 from $74. At our BofA Merrill Lynch Global Transportation Conference on May 17, Kirby noted that manufacturing trends related to frac operations at its United segment, within its Diesel Engine services division, remained softer than expected, pushing expected results to the bottom end of its target range. Additionally, it noted that surprise maintenance needed to be performed at its K-Sea acquired vessels, as they were not kept up to Kirby's operating standards, which would likely push results $0.02-$0.10/sh below its $3.85-$4.05 target range."

Bank of America maintains its Buy rating on Kirby, which is currently trading at $55.52.

Latest Ratings for KEX

DateFirmActionFromTo
Dec 2014Credit SuisseMaintainsOutperform
Dec 2014BB&T CapitalDowngradesBuyHold
Oct 2014MacquarieUpgradesNeutralOutperform

View More Analyst Ratings for KEX
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Price Target Analyst Ratings

 

Related Articles (KEX)

Around the Web, We're Loving...

Get Benzinga's Newsletters