UPDATE: Bank of America Lowers Kirby's PO
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.
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