UPDATE: Jefferies Raises PT on Quaker Chemical to $51

Jefferies is out with its report today on Quaker Chemical KWR, raising its PT from $49 to $51. In a note to clients, Jefferies writes, "We expect Quaker Chemicals to meet or beat our Q2 estimate of $0.72 (consensus is $0.75). As the global market leader providing industrial lubricants to the steel industry, Quaker provides investors early-to-mid-cycle exposure to an industrial recovery, with potential upside from industry consolidation. We are raising our PT $2 to $51, 14x 2012E EPS." Shares of KWR closed Tuesday at $43.46, down 0.05% from Friday's close.