Morgan Stanley Maintains Overweight on Air Products and Chemicals

Morgan Stanley is out with its report today on Air Products and Chemicals APD, maintaining Overweight. In a note to clients, Morgan Stanley writes, "Ahead of the company's June 9 investor day, we continue to believe that Overweight-rated APD offers an attractive risk-reward: a high quality business in the attractive Industrial Gas sector, trading at a meaningful discount to historical and relative valuations." Morgan Stanley maintains a $106 PT on APD. Shares of APD closed Friday at $89.63.