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Ahead Of The Bell: Cytec Downgraded On 1Q Loss

Stock quotes in this article: CYT  

NEW YORK (AP) — Specialty chemical maker Cytec Industries Inc., which posted a first-quarter loss and cut its dividend late Thursday, faces a number of upcoming challenges said one analyst as he downgraded the company's rating.

Credit Suisse analyst John McNulty said he expects end-market demand weakness to cut away at Cytec's profits. He lowered his 2009 earnings estimate for Cytec to $1.21 per share from $2.24 per share. For 2010, he reduced his forecast to $2.30 per share from $3.53 per share.

McNulty said that over the next year the company will face other headwinds, including the pending aerospace downturn and Cytec's profit-challenged surface specialty division. ...

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