NEW YORK (TheStreet) -- Shares of Cytec Industries Inc (CYT) are surging 5.42% to $108.63 in early trading on Friday, after analysts upgraded the chemicals company as it reported second quarter earnings of $1.71 per share versus $1.53 in the same period a year ago.
Goldman Sachs (GS) raised its 2014 EPS outlook to a range of $5.85 to $6.15 from a range of $5.60 to $6.00, and said Cytec beat its earnings per share consensus estimate of $1.53 in the quarter.
Oppenheimer (OPY) raised its 2014 EPS outlook to $6.01 from $5.79, and boosted its 2015 EPS outlook to $6.67 form $6.55. The firm also raised its price target to $123 from $105 and has an "outperform" rating on the stock.
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 multiple strengths, 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 solid stock price performance, impressive record of earnings per share growth, increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."
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