Goldman Sachs Lowers Cytec Industries Estimates

Goldman Sachs is lowering its Cytec Industries, Inc.

2010/2011/2012 EPS estimates to $3.46/$3.90/$4.04 from $3.69/$4.18/$4.73 based on a lower 3Q results and latest guidance issued by the company. “We are also lowering our 12-month price target to $57 from $59, which is based on SOTP analysis,” Goldman Sachs writes. “We are maintaining our Sell rating as we remain cautious about performance of the Coating and Resins business where margins are likely to remain under pressure because of escalation in raw material cost as well as increased competition from Asian companies.” Goldman Sachs said that in its view, Cytec has limited upside versus others stocks under our coverage universe. Key upside risks include significant margin improvement in the coating and resins business. Cytec Industries currently trades for $52.10.