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 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.