UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Air Products & Chemicals

In a report published Monday, Jefferies & Company reiterated its Buy rating on Air Products & Chemicals APD, but lowered its price target from $107.00 to $94.00. Jefferies noted, “Air Products shares will likely remain range-bound into the spring until it becomes clearer how much of the soft 2013E outlook relates to company-specific execution issues rather than end-market demand or pension accounting issues that will affect most companies in the sector. We are lowering 2013E $0.55 to $5.70 to reflect softer near-term volumes, higher pension costs, taxes, option creep and the PUI exit.” Air Products & Chemicals closed on Friday at $79.99.