UPDATE: Jefferies Raises PT to $51 on Quaker Chemical; Q1 Beat
Jefferies increases its price target from $43 to $51 on Buy-rated Quaker Chemical (NYSE: KWR) as the company beats Q1 EPS expectations by 23 cents.
Jefferies notes, "Q1 EPS of $0.91 was $0.23 above consensus. Segment results were better than expected due to higher volumes (mostly from M&A) and pricing initiatives implemented in 2H11. We are raising our 2012E EPS $0.35 to $3.65 on strength in the U.S. but note the outlook remains mixed: a sluggish EU, slower growth in Asia and Brazil and rising raw materials, which lag relative to crude. Pricing initiatives should help maintain margins in 2H12."
KWR closed at $43.40 on Tuesday.
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