UPDATE: Jefferies Lowers PT on OMNOVA to $10

Jefferies is out with its report today on OMNOVA OMN, lowering its PT from $11 to $10. In a note to clients, Jefferies writes, "After showing positive momentum in Q1, Q2 was $0.04 below consensus. As key raw materials (especially butadiene) should continue to rise in Q3, we are lowering 2011E $0.15 to $0.60 and lowering 2012E $0.10 to $0.85, up 42%. We are also lowering our price target $1 to $10, 12x 2012E EPS." Jefferies Maintains Buy on OMN. Shares of OMN closed Wednesday at $6.84, down 15.66% from Tuesday's close.