BofA analyst Ken Hoexter raised the firm’s price target on World Kinect to $27 from $24 and keeps an Underperform rating on the shares after the company added $200M to its share repurchase authorization, resulting in a total of about $308M buyback potential. As a result, the firm increased its share repurchase estimates for Q3, 2024, and 2025 to $20M, $69M, and $84M, respectively. The firm also raised its 2025 and 2026 dividend estimates to 20c per share and 23c per share, respectively, from 17c in both years prior. However, the firm reiterates an Underperform rating on macro pressures and unfavorable trends in Land.
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