Oil & Gas - Energy - Commodities - Resources (OILBRENT)

[eFinanceMarkets]

$KEX Tank barge operator Kirby (KEX -0.8%) is upgraded to Outperform from In-line with an $86 price target, raised from $65, at Evercore ISI in the wake of strong Q4 results following three straight years of earnings contraction.

The firm thinks the defensive decisions KEX has made to withstand a downturn and a counter-cyclical acquisition the company made in its land-based diesel engine services business have resulted in cost synergies and revenue opportunities.

The real upside for KEX, according to Evercore ISI, will come from the inland barge segment, which is likely to benefit from limited capacity expansion over the last two years.