UPDATE: Citigroup Reiterates Neutral Rating, Lowers PT on Cytec Industries on Tempered 2H13 Outlook

In a report published Monday, Citigroup analyst P.J. Juvekar reiterated a Neutral rating on

, but lowered the price target from $84.00 to $82.00. In the report, Citigroup noted, “Although 2Q results were good, the sources of expected weakness which prompted mgmt to lower the 2H13 outlook also coincide with our hesitance to recommend the shares: 1) continued softness in industrial markets (largely Europe) such as high-performance autos and motorsports; and 2) metals/mining production cuts as growth in emerging markets is slowing down. While we like the long-term growth in aerospace, CYT tempered expectations for business and regional jets as well as military. Plus, stranded cost reductions are not coming through as quickly as originally planned. We see only modest upside from current levels and remain Neutral.” Cytec Industries closed on Friday at $75.17.