As previously reported, UBS downgraded Air Products (APD) to Neutral from Buy with a price target of $250, down from $310. While the firm thinks the 9% move lower in shares since the company’s Louisiana and NEOM project updates “could be overdone,” it now believes medium-term adjusted EPS growth could be lower than its prior estimates and that improvement in free cash flow could take longer than the firm initially expected, the analyst tells investors.
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