Credit Suisse Initiating Coverage on Kirby Corporation

Credit Suisse is out with a research report on Kirby Corporation KEX and it is initiating coverage with an Outperform rating and a $75 price target on shares. In a note to clients, Credit Suisse writes, "We Initiate Coverage of Kirby (KEX) with an Outperform Rating and a $75 Target Price. Although KEXs stock price is up 40% year to date, we believe the Kirbys diesel engine service (DES) business and the integration of K-Sea Transportation should provide another leg up in the stock. Following the integration of K-Sea we expect Kirby to resume doing what it does best-consolidating both the marine transportation and DES industries." Shares of KEX closed at $63.04 yesterday.