KeyBanc Raises Price Target on Cytec Industries (CYT) Following Q4 Upside
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Price: $3.02 --0%
Rating Summary:
5 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 5 | Down: 11 | New: 27
Rating Summary:
5 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 5 | Down: 11 | New: 27
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KeyBanc is reaffirming its Buy rating on shares of Cytec Industries Inc. (NYSE: CYT) while raising its price target from $59 to $64.
The company released its Q4 results above expectations with EPS of $0.86, the Street consensus called for $0.47 and the firm was forecasting $0.45. The firm highlights two-thirds of the upside was due to stronger operating results as the other one third was driven by below the line items.
Management reported its has hired an outside advisor to analyze possible alternatives to effect a separation of its entire Coating Resins Business. The decision is expected to be made during Q2.
An analyst at KeyBanc comments, "We are enthused to see CYT take a more aggressive approach to potentially separating Coating Resins from its other high quality specialty chemical franchises."
The firm increased its FY12 EPS estimate from $3.50 to $4.00.
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 $49.86 yesterday.
The company released its Q4 results above expectations with EPS of $0.86, the Street consensus called for $0.47 and the firm was forecasting $0.45. The firm highlights two-thirds of the upside was due to stronger operating results as the other one third was driven by below the line items.
Management reported its has hired an outside advisor to analyze possible alternatives to effect a separation of its entire Coating Resins Business. The decision is expected to be made during Q2.
An analyst at KeyBanc comments, "We are enthused to see CYT take a more aggressive approach to potentially separating Coating Resins from its other high quality specialty chemical franchises."
The firm increased its FY12 EPS estimate from $3.50 to $4.00.
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 $49.86 yesterday.
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