Wells Fargo last night upgraded Air Products (APD) to Overweight from Equal Weight with a price target of $325, up from $270. The firm sees pricing upside across “several chemical chains” due to the conflict in Iran. This should support near term investor sentiment and upside to second half of 2026 outlooks, the analyst tells investors in a research note. Wells upgraded three chemical names as a result. Given supply constraints and elevated oil prices, pricing for commodity chemical and fertilizer chains will move higher, contends the firm. It believes the pricing momentum supports “elevated trough multiples” for chemical stocks.
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