Quaker Houghton price target lowered to $200 from $232 at RBC Capital

RBC Capital lowered the firm’s price target on Quaker Houghton to $200 from $232 but keeps an Outperform rating on the shares. The analyst notes the company’s “solid” Q3 earnings beat while noting that Quaker Houghton continues to execute on pricing, manage costs, and expand margins. RBC further contends that Quaker Houghton is poised to return to pre-Covid EBITDA margin levels in the high teens as macroeconomic conditions improve. The firm is cutting its price target however given the “overall market softness”, also reducing its assumed earnings multiple to 12-times from 14-times.