BMO Capital upgraded Air Products (APD) to Outperform from Market Perform with a price target of $360, up from $325. The company is now longer a “show me” story after demonstrating an ability to execute on its targets, the analyst tells investors in a research note. The firm says Air Products is driving costs down, winning new business, and “de-risking” the mega projects. BMO sees a “compelling” risk/reward at current share levels given the company’s higher pricing in the core business and “less bad” helium pricing.
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