UPDATE: Jefferies Lowers Price Target on Cabot to $32

According to Jefferies, Cabot

price target is lowered to $32. Jefferies said that excluding $0.14 from discontinued operations, a $0.09 tax benefit and $0.04 in certain items, EPS of $0.53 was $0.02 below its estimate. “We are raising 2012E EPS $0.40 to $2.85 but lowering our target $3 to $32 to reflect likely lumpiness in results.” Cabot closed yesterday at $29.40.