Fly News Breaks for January 31, 2020
Jan 31, 2020 | 05:05 EDT
Stifel analyst Benjamin Nolan downgraded Kirby to Hold from Buy with a price target of $84, down from $85. Kirby reported earnings that came in slightly below estimates as its D&S business continued to suffer due to its oil and gas exposure, Nolan tells investors in a research note. While the company's marine business should grow, it is being weighed down by D&S, says the analyst. He sees a "reasonable chance" of Kirby making another material acquisition in the marine segment that drive shares higher. However, at the current price, that potential is not enough to justify adding to positions, contends Nolan.
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