As previously reported, Jefferies analyst Randy Giveans downgraded Kirby to Hold from Buy with a price target of $85, down from $95. Kirby reported adjusted Q4 earnings that were below his expectation and consensus while also introducing "underwhelming" 2020 EPS guidance, noted Giveans. The D&S business remains weak due to ongoing equipment cannibalization and lack of new orders while the outlook for the marine business is slightly more subdued than previous expectations, stated the analyst, who added that he thinks the deal for Savage Inland Marine and Convoy further increases Kirby's inland tank barge market share.