Deutsche Bank Reiterates a 'Buy' on Cytec Industries Inc. (CYT); CFO Meeting Increases Confidence
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Price: $3.02 --0%
Rating Summary:
5 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 10 | New: 16
Rating Summary:
5 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 10 | New: 16
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Deutsche Bank reiterates a 'Buy' on Cytec Industries Inc. (NYSE: CYT) price target raised from $65 to $70.
Deutsche analyst said, "Meetings with Cytec’s CFO this week increased our confidence that a sale of Coatings Resins will occur by year-end for ~$1B pretax (5x EBITDA) and $800MM+ after-tax. Absent bolt-on acquisitions, we expect proceeds from a sale to be used to repurchase stock, likely in an accelerated manner. While a sale of Coating Resins, even with full use of proceeds for buy backs, is EPS dilutive, with Cytec being a higher growth, higher margin and less cyclical company post a sale, we would expect multiple expansion to more than offset the EPS dilution."
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 $61.78 yesterday.
Deutsche analyst said, "Meetings with Cytec’s CFO this week increased our confidence that a sale of Coatings Resins will occur by year-end for ~$1B pretax (5x EBITDA) and $800MM+ after-tax. Absent bolt-on acquisitions, we expect proceeds from a sale to be used to repurchase stock, likely in an accelerated manner. While a sale of Coating Resins, even with full use of proceeds for buy backs, is EPS dilutive, with Cytec being a higher growth, higher margin and less cyclical company post a sale, we would expect multiple expansion to more than offset the EPS dilution."
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 $61.78 yesterday.
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