UPDATE: Citi Raises Price Target on Cytec to $45

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According to Citi, Cytec Industries (NYSE: CYT) price target is raised to $45.Citi said that CYT reported a good operational beat in 3Q, with carbon fiber performance particularly noteworthy as volumes accelerated and margins registered sequential improvement. “In addition, weexpect that outsized exposure to Europe (~60% of segment sales), will weigh on Coatings profitability in the near-term.”Cytec Industries closed on Friday at $42.90.

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