Kirby price target raised to $82 from $77 at BofA

BofA analyst Ken Hoexter raised the firm’s price target on Kirby to $82 from $77 and keeps a Buy rating on the shares after Kirby recently entered into a standstill agreement with JCP Investment that restricts the activist from making any transaction proposals, nominating/removing any board members, soliciting proxies, or accumulating more than 4.7% of Kirby’s outstanding shares in exchange for appointing Rocky Dewbre to Kirby’s board. The firm now expects any potential D&S segment spin or sale to be delayed, but views Kirby’s move to avoid divesting D&S at cycle-lows positively.