Boston, MA 07/10/2013 (wallstreetpr) – The shares of Cytec Industries Inc (NYSE:CYT) plunged by 0.05% to close at $78.38 at trading session of Tuesday, July 9. The stock opened at $ 78.50 and achieved an intraday high of $79.28. Almost 687,077.00 shares were traded on Tuesday’s trading session; which is quite higher than the average volume of the past 90 days trading sessions that stands at 582,561.00 shares.
Cytec Industries Inc (NYSE:CYT) is a company with specialty in materials and chemicals and has its focus on development, manufacture and selling value-added products.
The analysts of Goldman Sachs upgraded Cytec Industries (NYSE: CYT) to a “buy” rating from the previous rating of “sell”. They upgraded the rating on Monday through a note that was issued to investors. Presently, the company has a price objective of $1.38 on the stock, which was formerly set at $1.03.
As per the analysts “We upgrade shares of CYT to Buy from Sell. Since adding CYT to the Americas Sell List on May 15, 2009, shares have risen 256% vs. 85% for the S&P 500. We attribute this outperformance to a multiple re-rating since CYT’s divestment of its lagging Coating Resins business to become a more focused, secularly-driven composite and specialty chemical company. With 787 battery issues resolved ahead of an inflection in build rates, we believe CYT’s multiple expansion is not yet complete. Assuming a HXL multiple (17X Street 2014E EPS) for CYT’s aerospace unit, CYT’s remaining segments trade at less than 7X our 2014 EPS estimate, which is too low in our opinion.”
Deutsche Bank analysts restated a rating of “buy” on the stocks of Cytec Industries (NYSE: CYT) on July 1, Monday, through a research note issued to investors. They have presently set a price target of $84.00 on the stock. Independently, the First Analysis’ analysts set a rating of “overweight” on the stock on Friday, June 28.
