NEW YORK (TheStreet) -- Shares of Cytec Industries (CYT) are up 0.49% to $53.25 in midday trading Wednesday after Credit Suisse increased its price target to $61 from $57, while maintaining its "outperform" rating.
Cytec Industries is a global specialty materials and chemicals company focused on developing, manufacturing and selling value-added products.
Credit Suisse's increased price target reflects analysts' expectations for stable near-term fundamentals as well as a slightly improved long-term outlook following the firm's time with management, the firm noted.
"Management indicated that despite falling copper prices, it has not seen any pressure in the IPS business, which is in line with the historical patterns," analysts said, adding that aerospace remains largely on track, as does industrial materials.
Cytec believes that its 2018 target for approximately $5 per share of earnings remains at least on track, according to analysts.
"It appears that Cytec's push for composites in a serial auto platform has moved farther ahead, earlier than we expected," Credit Suisse said, adding that Cytec appears to have "cracked the code" in getting curing times down to the 3 to 4 minute range.
Cytec believes that this range is appropriate/required to penetrate the high-end luxury OEM market, analysts said.
In addition, Cytec has completed a number of prototype cars, that have been road tested, and is waiting on the "go or no go" decision, according to Credit Suisse.
Separately, TheStreet Ratings team rates CYTEC INDUSTRIES INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate CYTEC INDUSTRIES INC (CYT) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
You can view the full analysis from the report here: CYT Ratings Report