Jefferies Maintains a 'Hold' on Cytec Industries (CYT); Adjusting Estimates on Exit From Coatings Business
Tweet Send to a FriendGet Alerts CYT Hot Sheet
Price: $70.98 --0%
Rating Summary:
1 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 4 | New: 10
Rating Summary:
1 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 4 | New: 10
Trade CYT Now!
Jefferies maintains a 'Hold' on Cytec Industries Inc. (NYSE: CYT) price target of $63.00 (from $72.00).
Analyst, Laurence Alexander, said, "We are lowering 2012E $1.55 to $3.05 and 2013E $1.20 to $4.25 to reflect Coatings moving to discontinued operations. Our model benchmarks net proceeds from a full divestiture of Coatings at $1bn."
However, Alexander doesn't include in his estimates that $0.20 accretion in 2012 from the pending acquisition of Umeco and $0.65 in 2013.
He also feels Cytec has significantly reduced its risk profile with the exit of the Coatings business. Alexander sees Mining Chemicals business as resilient, but the Company's Additive Technologies has cyclical near-term risk.
For an analyst ratings summary and ratings history on Cytec Industries Inc. click here. For more ratings news on Cytec Industries Inc. click here.
Shares of Cytec Industries Inc. closed at $55.77 yesterday, with a 52 week range of $32.02-$65.00.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, Laurence Alexander, said, "We are lowering 2012E $1.55 to $3.05 and 2013E $1.20 to $4.25 to reflect Coatings moving to discontinued operations. Our model benchmarks net proceeds from a full divestiture of Coatings at $1bn."
However, Alexander doesn't include in his estimates that $0.20 accretion in 2012 from the pending acquisition of Umeco and $0.65 in 2013.
He also feels Cytec has significantly reduced its risk profile with the exit of the Coatings business. Alexander sees Mining Chemicals business as resilient, but the Company's Additive Technologies has cyclical near-term risk.
For an analyst ratings summary and ratings history on Cytec Industries Inc. click here. For more ratings news on Cytec Industries Inc. click here.
Shares of Cytec Industries Inc. closed at $55.77 yesterday, with a 52 week range of $32.02-$65.00.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- KeyBank Upgrades MDC Holdings (MDC); Cuts PulteGroup (PHM) & Ryland Group (RYL)
- Under Armour (UA) Estimates, Price Targer Raised at Sterne Agee
- Microsoft (MSFT) Rally is Over, Says Barclays
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT ChangeRelated Entities
Jefferies & Co
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
