Jefferies Raises PT on NLC to $38.80

Jefferies has issued a report raising the Price Target on Nalco Holding NLC from $30 to $38.80 a share. According to the report, "Yesterday, Ecolab (ECL, $51.31, Hold) announced an $8.1bn offer to acquire Nalco. We are raising our price target to $38.80 to reflect the original offer price. In addition, Nalco preannounced Q2 EPS of $0.40 and raised the full year to $1.70 ($740m adjusted EBITDA), excluding merger-related expenses. We are raising 2011E EPS $0.10 to $1.70." NLC has a Hold Rating and closed yesterday at $28.87 a share.