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.
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