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Stifel Is Bullish On These Marine Companies - Read Why

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·1 min read
In this article:
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  • Stifel analyst Benjamin Nolan raised the price targets on marine companies Matson Inc's (NYSE: MATX) and Kirby Corp (NYSE: KEX) and is bullish on the stocks.

  • Nolan upgraded Kirby to Buy from Hold and raised the price target to (implying an upside of 20%), up from $64.

  • Nolan says that the demand is improving in all of Kirby's core businesses, which should accelerate with increased oil and gas activity.

  • The analyst adds, with the shares trading at about 12 times mid-cycle earnings, there should be "meaningful upside" as market conditions normalize "or perhaps even shift to bull market territory."

  • Further adds that while oil consumption is still not back to pre-Covid levels, demand is recovering, particularly in the petrochemical markets.

  • Nolan raised Matson's price target to (implying an upside of 4%) from $80 and maintained a Buy rating on the shares after the company pre-released Q3 results that "materially exceeded" his estimates.

  • Nolan says that earnings may be peaking, but he expects them to remain strong for "some time," which could let Matson buy back more than 10% of its outstanding shares in the next 12 months.

  • Price Action: KEX shares are trading higher by 2.91% at $54.16, while MATX is higher by 7.09% at $88.53 on the last check Tuesday.

Latest Ratings for KEX

Oct 2021

Stifel

Upgrades

Hold

Buy

May 2021

Gabelli & Co.

Downgrades

Buy

Hold

Apr 2021

Jefferies

Maintains

Hold

View More Analyst Ratings for KEX
View the Latest Analyst Ratings

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