According to Morgan Stanley, Air Products and Chemicals APD saw solid Q2 results.
Morgan Stanley said that Air Products' F2Q11 adjusted EPS of $1.41 was slightly ahead of consensus at $1.39 but a little light on estimate of $1.43 – estimates will likely rise modestly on today's results. “Underlying volume growth of 11% was better than we expected (8%) driven by a strong performance in Electronics & Performance Materials. We continue to view APD as our top Industrial Gas pick. We are ahead of consensus estimates for the 2011-2013 period, and a 2012 P/E of just 14.5x is too cheap, in our view.”
Air Products and Chemicals closed yesterday at $93.72.
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