UPDATE: Jefferies Raises PT on Koppers Holdings to $47 (KOP)

Jefferies is out with its report today on Koppers Holdings KOP, raising its price target on KOP from $42 to $47. In a note to clients, Jefferies writes, "Koppers reported adjusted Q4 EPS of $0.38, in-line with consensus and $0.03 above our estimate. Revenue increased 14% YoY and operating profits increased 51% (mostly CM&C). Higher taxes were a $0.02 headwind. We are raising our price target $5 to $47, and reiterate our Buy rating." At the time of posting, shares of KOP were trading pre-market at $53.80, down 8.10% from Wednesday's close.