Market Overview

Citigroup Reiterates Neutral Rating, $79 PT on Cytec Industries

Related CYT
Benzinga's Top Downgrades
Benzinga's Top Downgrades
Where Can I Find Safe Income For Retirement? Part III (Seeking Alpha)

In a report published Monday, Citigroup reiterated its Neutral rating and $79.00 price target on Cytec Industries (NYSE: CYT).

Citigroup noted, “Operational results in the quarter were below our expectations (12c/share), although most of those challenges appear short-term in nature as inventory repositioning in carbon fiber has concluded. CYT offered a somewhat conservative outlook for 2013 and lowered its EPS accretion estimates for Umeco, which has encountered sluggish volumes in Europe. We think the stock's relative underperformance following 4Q results reflects softer than expected operational performance in the quarter, combined with a tempered outlook for Umeco. While we appreciate the long-term growth potential in carbon fiber and IPS, we lowered estimates and see only modest upside from current levels. Remain Neutral.”

Cytec Industries closed on Friday at $73.61.

Latest Ratings for CYT

Sep 2015JefferiesDowngradesHold
Aug 2015CitigroupDowngradesBuyNeutral
Aug 2015Goldman SachsDowngradesBuyNeutral

View More Analyst Ratings for CYT
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Reiteration Analyst Ratings


Related Articles (CYT)

View Comments and Join the Discussion!

Get Benzinga's Newsletters