UPDATE 2-Henkel sees Q2 upturn in key adhesives business

* Sees continuing strength in consumer unit in Q2

* Confident will outperform its markets in 2009

* Confirms preliminary Q1 results from April

* Gives no detailed 2009 outlook

(Adds detail, analyst comment and share price)

FRANKFURT, May 6 (Reuters) - Henkel (HNKG_p.DE) expects a modest improvement at its key Adhesives Technologies business in the second quarter, it said on Wednesday after the unit weighed on the German group's first-quarter performance.

First-quarter operating profit at the division fell more than two-thirds to 47 million euros ($62.9 million) as demand from the automotive, metal and electronics industries dipped sharply.

The business generated almost half of Henkel's 2008 operating profit.

Henkel, which makes products ranging from detergent to glue, confirmed preliminary results from April showing a 31.7 percent drop in first-quarter operating profit to 218 million euros.

Henkel shares rose 0.1 percent to 21.26 euros by 0743 GMT, beating a 0.2 percent fall in the German blue-chip DAX index .GDAXI.

"We are dissatisfied with our start to fiscal 2009," Chief Executive Kasper Rorsted said in a statement.

"Henkel ... has felt the effects of the persistently adverse economic climate, with our businesses turning in a very mixed set of results for the first quarter."

German brokerage Equinet upgraded the stock to "accumulate" from "reduce", expecting the company to keep boosting margins in coming months. It raised its price target to 24 euros from 17.

The maker of detergents, Loctite glues and Schwarzkopf hair products expects its consumer businesses to continue performing strongly in the second quarter and also anticipates a slight improvement at adhesives.

Overall, it said it expects to outperform its markets in organic sales growth this year, but declined to give a detailed outlook.