UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Kirby Corporation

In a report published Friday, Jefferies reiterated its Buy rating on Kirby Corporation (NYSE: KEX), and raised its price target from $70.00 to $87.00.Jefferies noted, “Kirby reported 4Q12 EPS of $1.03, including the United earn-out reversal credit of $0.09. Excluding the credit, Kirby would have reported 4Q12 EPS of $0.94 which still easily exceeded Street consensus of $0.86 as well as our estimate of $0.88 primarily due to strength in the coastal marine transportation business. Kirby also introduced 2013 EPS guidance of $4.00 to $4.20.”Kirby Corporation closed on Thursday at $66.49.