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UPDATE: Jefferies Increases PT to $72 on Cytec Industries

Jefferies raises its price target from $64 to $72 on Hold-rated Cytec Industries (NYSE: CYT) as the company expands engineering materials with Umeco.

Jefferies notes, "Cytec has announced a $439m acquisition in composite materials for aerospace and industrial applications. The deal is expected to close in Q3. Cytec also reiterated its expectation to announced a resolution for separating the Coating Resins business in Q2 and preannounced Q1 EPS of $1.24-$1.28. All in all, a strong start to the year. We are raising 2012 EPS by $0.85 to $4.95."

CYT closed at $64.06 on Thursday.

Posted-In: JefferiesAnalyst Color Price Target Reiteration Pre-Market Outlook Analyst Ratings

 

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