Wunderlich Securities Reiterates Buy Rating, $63 PT on Kirby Corporation
In a report published Wednesday, Wunderlich Securities reiterated its Buy rating and $63.00 price target on Kirby Corporation (NYSE: KEX).
Wunderlich Securities “Industry consolidator strikes again. Kirby announced last night that it has agreed to acquire Penn Maritime and Maritime Investments LLC for $295 million in cash and stock. Penn is the 6th largest coastal barge operator by fleet count, and primarily moves black oil product. Kirby has been steadfast in their desire to act as an industry consolidator, and this deal reinforces management's message that the company's coastal business will be a key earnings driver in coming years. The $295 million price tag includes $180 million for Penn equity, as well as the retirement of $115 million in debt.”
Kirby Corporation closed on Tuesday at $56.23.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.