UPDATE: Jefferies Cut PT to $43 on Quaker Chemical

Jefferies reduces its price target on Quaker Chemical KWR to $34, down $5, on the company's below-consensus Q4 EPS and conservative outlook for 2012. Jefferies says, "Q4 EPS of $0.75 was $0.05 below consensus. Segment results were better than expected, offset by higher corporate expense due to the timing of compensation accruals. Given soft demand in emerging markets, raw materials pressures and F/X, we are lowering 2012E $0.25 to $3.30." KWR closed at $37.53 a share yesterday.