Goldman Sachs Added Cytec Industries (CYT) to their Conviction Sell List
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Goldman Sachs added Cytec Industries Inc. (NYSE: CYT) to their Conviction Sell List, saying the risk/reward profile is unfavorable versus other specialty chemical stocks following its recent share outperformance. The firm set a downside $31 price target.
The firm said the bleak outlook for the late-cycle aerospace industry will continue to pressure Cytec's high-margin Engineered Materials franchise. The firm also sees economic uncertainties in Europe, which covers 40% of the company's total sales.
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