Jefferies Reiterates a 'Buy' on Kirby Corporation (KEX); Accretive Acquisition; Confirms Outlook

Jefferies reiterates a 'Buy' on Kirby Corporation (NYSE: KEX) price target of $70.00.

Analyst, Douglas J. Mavrinac, said, "Kirby announced that it was acquiring the offshore transportation assets of Allied Marine Industries for $116 million, with $10 million to be contingent upon developments for sugar provisions in the US Farm Bill. Included in the announcement, and confirmed at the Jefferies Global Shipping Conference, Kirby also is confirming both its 3Q12 and 2012 EPS guidance."

FY13 EPS estimate raised from $3.90 to $3.97.

For an analyst ratings summary and ratings history on Kirby Corporation click here. For more ratings news on Kirby Corporation click here.

Shares of Kirby Corporation closed at $55.99 yesterday.

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