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BofA Merrill downgrades Kirby (KEX -11.7%) shares to Neutral from Buy and lowers its price...

BofA Merrill downgrades Kirby (KEX -11.7%) shares to Neutral from Buy and lowers its price target to $56 from $69 after the tank barge operator lowered earnings estimates for Q2 and FY 2012, noting softness in its land-based diesel engine services business. KEX plans to shift barges from New York Harbor - a "mess," CEO Joe Pyne says - and move capacity to the Gulf Coast in search of higher margins.
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