UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT for Kirby Corporation

In a company note published earlier today, Jefferies & Company, Inc. reiterated its Buy rating for Kirby Corporation (NYSE: KEX), but lowered its price target from $77.00 to $70.00.

Jefferies & Company went on to say “Kirby has benefitted significantly from strong export demand for petrochemicals as a result of low natural gas prices over the past couple of years and more recently from its United Holdings acquisition with the increased shale drilling activity in the US. The newly acquired K-Sea business, offshore US drilling activity, and US housing and autos all offer potential legs up in earnings for Kirby as those markets remain slow to recover.”

Kirby Corporation closed on Friday at $51.10.