UPDATE: Bank of America Merrill Lynch Downgrades Air Products & Chemicals to Neutral, Lowers PT

In a report published Monday, Bank of America Merrill Lynch downgraded its rating on Air Products & Chemicals APD from Buy to Neutral, and lowered its price target from $92.00 to $86.00. BofA Merrill Lynch noted, “We view APD as a leader in industrial gases, with exposure to high-growth markets, including Asia, refinery hydrogen, and electronics. Take-or-pay onsite gas contracts, and 3-5 year merchant gas contracts provide a cushion against downturns. We are encouraged by growth in the project backlog, but recent volume trends have been disappointing, particularly in merchant gases, and we consider valuation fair.” Air Products & Chemicals closed on Friday at $79.99.