Kirby price target raised to $95 from $91 at BofA

BofA raised the firm’s price target on Kirby to $95 from $91 and keeps a Buy rating on the shares after its Q4 results. The firm noted the company’s confidence in achieving 300-400 bps Inland margin gains in 2024 and 2025, and the carrier sees the mounting 2024 maintenance bubble, coupled with a negligible tank barge order book, driving pricing gains, the analyst tells investors in a research note. Kirby is poised to benefit in each of the next two years from re-pricing of legacy contracts, tight industry supply, and moderating cost inflation, the firm added.