Jefferies Raises CYT Target To $65 From $59

Jefferies is raising its PT on Cytec Industries Inc. CYT to $65 from $59. “Adjusted Q4 EPS of $0.83 was $0.26 above our estimate and $0.22 above consensus,” Jefferies writes. “To reflect the anticipated divestiture of Building Blocks ($0.40 EPS contribution in 2011), we are lowering 2011E $0.30 to $3.35 and 2012E $0.30 to $3.95.” Cytec Industries currently trades at $55.14.