Kirby price target lowered to $115 from $140 at BTIG

BTIG analyst Gregory Lewis lowered the firm’s price target on Kirby (KEX) to $115 from $140 and keeps a Buy rating on the shares. The firm remains bullish on the stock due to continued strength in both Inland and Coastal barge activity but reduces its price target on the name to account for a re-rating of the equity markets, the analyst tells investors in a research note. Kirby has nil direct tariff exposure across its marine business owing to the Jones Act, but its Marine business focused on moving petrochemicals and refined products are traditionally GDP-positive businesses, BTIG adds.