World Kinect price target lowered to $33 from $35 at Stifel

Stifel analyst Benjamin Nolan lowered the firm’s price target on World Kinect to $33 from $35 and keeps a Buy rating on the shares. While World Kinect has been making strides with respect to increased transparency and ideally greater stability in cash flows and operations, the company’s land division “laid an egg” and the aviation business posted gross profit below guidance “out of nowhere,” says the analyst, who argues that “yet another negative surprise this quarter does not help drive multiple expansion.”