Cytec One Of Best Performers In Chemical Space, Credit Suisse Reports

Today, Credit Suisse is publishing its 2011 Outlook report on the Chemical Space that includes “our updated thoughts for the group as a whole and each company in our coverage universe, our revised price targets as well as our updated 2010, 2011 and 2012 EPS forecasts.” “Despite a bit of a rocky end, Cytec Industries Inc. CYT posted one of the best performances in the group in 2010 (after one of the better performances in 2009 as well), rising 48% as a recovery in a number of their end-markets (aerospace and general industrial) and geographies (primarily Europe), costs cutting and a strong export market for their commodity chemicals platform all helped the company dramatically beat expectations in 1H10,” Credit Suisse writes. “That said, the stock has fallen off solidly from its highs owing to raw material and competitive pressures in the Coating Resins market that resulted in a disappointing 3Q and difficult 4Q outlook.” Cytec Industries currently trades at $53.06.