UPDATE: Stifel Nicolaus Downgrades Kirby Corporation to Hold on Valuation, Risk/Reward

Stifel Nicolaus downgraded Kirby Corporation

from Buy to Hold and removed the price target of $67.00. Stifel Nicolaus said, "Our 12-month fair value price of $67 (or 14.5x our 2014 EPS estimate of $4.62) currently provides less than 5% upside potential over the coming year, an insufficient amount of upside potential, in our view, to maintain a Buy rating. ... Furthermore, we believe some integration risk exists with the recent acquisitions of Allied Transportation and Penn Maritime in the offshore marine segment." Kirby Corporation closed at $63.99 on Monday.