Societe Generale Maintains Hold on Air Products and Chemicals

Societe Generale is out with its report today on Air Products and Chemicals

, maintaining Hold. In a note to clients, Societe Generale writes, "We like the story at Air Products but strategic questions were raised by the failed US$8bn hostile bid for Airgas. The group also has more earnings volatility in its mix, primarily reflecting its leading electronics exposure. As such we still value Air Products on our admittedly undemanding c.15.5x prospective earnings of calendarised Q3 11e-Q2 12e EPS (was Q211e-Q1 12e), hence our TP of US$96." Shares of APD closed Monday at $92.92.