UPDATE: Jefferies Raises PT to $77 on Ecolab; Solid Q1

Jefferies raises its price target from $72 to $77 on Buy-rated Ecolab

as the company beat Q1 and reiterates 2012 outlook. Jefferies comments, "Q1 adjusted EPS of $0.50 was $0.02 above consensus and $0.01 above our forecast. Segment profits were $0.11 above our forecast, offset by lower interest and equity earnings ($0.01) and corporate expense ($0.09). Ecolab reiterated the 2012E outlook of $2.95-$3.05, as expected." ECL closed at $64.34 on Wednesday.