UPDATE: Bank Of America Reiterates On World Fuel Services Following 2Q14 EPS Report

In a report published Thursday, Bank of America analyst Ken Hoexter reiterated a Neutral rating on World Fuel Services (NYSE: INT), and raised the price target from $49.00 to $51.00.In the report, Bank of America noted, “World Fuel Services posted adjusted 2Q14 EPS of $0.72, up 1% year-over-year, and above our and consensus' $0.70 target. Gross revenues were $11.3 billion, up 8% year-over-year, but $1.7 billion lower than our target. Gross profit was $192 million, up 2% year-over-year, and $3 million below our target as Net Margins where strong. Net Margin at each segment topped our targets, led by Aviation (1.8% vs. our 1.7%), Marine (1.4% vs. our 1.3%), and Land (1.8% vs. our 1.5%), as fuel prices were lower but per gallon profits held firm. Operating Income was $60 million, $3 million shy of our target, while below the line expenses were lower than targets, leading to the modest EPS beat.”World Fuel Services closed on Wednesday at $47.36.