UPDATE: Jefferies Cuts PT to $19 on Harsco Corporation; Weak Q1

Jefferies lowers its price target from $22 to $19 on Hold-rated Harsco Corporation HSC following a weak Q1 that results in lower estimates. Jefferies says, "1Q12 operating earnings decreased more than 50%, although was slightly better than expectations. Little detail was provided by the new CEO on how the operations would be improved. Guidance was disappointing and the LT EPS target was essentially eliminated. We have lowered our forecasts and PT." HSC closed at $21.20 on Wednesday.