Credit Suisse Has Outperform Rating On Cytec Industries Inc. (CYT)

Credit Suisse has an Outperform rating and a $67 price target on shares of Cytec Industries Inc. CYT after it reported earnings. In a note to clients, Credit Suisse writes, "Following CYT's better than expected 1Q results, we are raising our 2011/12 EPS estimates to $3.47/4.45 from $3.29/$4.21, respectively, with our 2011 estimate now at the high-end of CYT's guidance range ($3.15-3.50). That said, we believe the risk (especially to our 2012 numbers) remains to the upside, especially if mgmt continues to execute on the share repurchase plan and/or makes bolt-on acquisitions given their improved liquidity profile. Looking ahead, we believe CYT's stock is poised for a solid run given: 1) the solid demand/new product penetration CYT is seeing across their growth platforms, 2) CYT's better-than expected ability to pass through raw materials cost increases and 3) Mgmt's commitment to improve the overall profitability in the Coating Resins business. With that and a cheap valuation at 5.5X 2012 EBITDA, we think CYT offers one of the more compelling risk/reward profiles and reiterate our Outperform rating." Shares of CYT gained $1.49 yesterday to close at $56.00.