UPDATE: Jefferies Raises PT on Cytec to $67

Jefferies is out with its report today on Cytec CYT, raising its PT from $64 to $67. In a note to clients, Jefferies writes, "Excluding $0.19 in restructuring, Q2 EPS of $0.92 was $0.03 above our estimate and $0.02 above consensus. We are raising 2011E $0.10 to $3.30 and 2012E $0.30 to $4.20. We also raise our price target $3 to $67." Jefferies maintains Buy on CYT. Shares of CYT closed Friday at $57.45.