Air Products upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Air Products (APD) to Overweight from Neutral with a price target of $310, up from $280. The firm sees the shares outperforming in an environment where the risks of economic deceleration, higher inflation, and upward interest rate movements have increased. This is due to Air Products’ earnings growth stability, the analyst tells investors in a research note. The firm says helium prices are reversing direction because of the closing of the Strait of Hormuz and attacks on the Qatari Ras Laffan energy complex, which is responsible for 30% of global helium production. It expects Air Products’ volumes to accelerate because of its higher utilization rates in the chemicals and refinery areas in North America that benefit from higher priced oil.