UPDATE: Oppenheimer Initiates Coverage on Cytec Industries with Outperform Rating, $96 PT Following Completion of Multi-Year Transformation

In a report published Friday, Oppenheimer analyst Yair Reiner initiated coverage on

with an Outperform rating and $96.00 price target. In the report, Oppenheimer noted, “We're initiating coverage of Cytec with an Outperform rating and a $96 price target. Cytec recently completed a multi-year transformation in which it shed several slow growth, mature segments. It emerges from that process with a portfolio of businesses predominantly focused on a handful of attractive growth markets—first and foremost aerospace composite materials. We believe investors have yet to recognize the long-term growth trajectory of Cytec's new business mix, but that, as they do, the company's discount relative to Hexcel and other leading aerospace suppliers will dissipate. Likely to help the stock's re-rating is Cytec's effort to change its GICS categorization from specialty chemicals to aerospace and defense.” Cytec Industries closed on Thursday at $79.77.