Matson price target raised to $36 from $32 at Stifel After a trade publication reported that Matson (MATX) competitor Horizon Lines was in talks to sell its Puerto Rico business to a private company, Stifel thinks that Matson could acquire Horizon's Alaska business. The firm thinks that such a deal would provide a positive catalyst for Matson's stock. It keeps a Buy rating on the shares.
Matson, state of Hawaii reach settlement on molasses incident of 2013 Matson announced that a settlement has been reached with the State of Hawaii to resolve all civil, criminal and administrative claims that the State could have had arising from the discharge of molasses into Honolulu Harbor in September 2013. Matson will pay $5.9M to the State as compensation for damaged coral and lost fish, as well as the State's response and other costs. As part of the settlement, Matson has terminated its molasses operations in Honolulu and has committed to remove the molasses risers and tanks at Sand Island terminal at an estimated cost of between $5.5M-$9.5M bringing the total cost to Matson of between $11.4M-$15.4M. Matson will record an $11.4M charge in its Q2 results which will be released on August 4.