UPDATE: Societe Generale Lowers PT on Air Products and Chemicals from $98 to $87

Societe Generale reiterated a Hold rating on Air Products and Chemicals (NYSE: APD) and lowered its price target from $98 to $87.

Societe Generale wrote, “Update Lowering our forecasts brings our TP down to US$87 (US$98). With Q3, APD again has cut FY EPS guidance to US$5.4-5.45 (was US$5.47-5.6, at Q1 US$5.6-6), on sales -5% yoy (Bloomberg cons. flat), EBIT +2% yoy (cons. +5%) and EPS +3% (cons. +4%). The implied cut of 11c was attributed to slower economic growth -8c, fx -6c, Indura dilution -2c, offset +5c from lower costs. In Q3, gases price was +1% but volumes stagnated, and fell 2% in merchant gases, Europe -4% (but here price +2% vs 1% in Q2).”

Air Products and Chemicals closed at $78.88 on Tuesday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.