UPDATE: Bank of America Downgrades Airgas to Neutral on Leveraged Revenue Growth Outlook

Bank of America downgraded Airgas

from Buy to Neutral and raised the price target from $91.00 to $97.00. Bank of America noted, "Our change reflects: (1) our below-consensus view of F2014 EPS; (2) Airgas' reliance on incremental, SAP-enabled revenue growth to meet Street earnings expectations for F2014, and implications for valuation; (3) limited upside to our price objective following share price appreciation and relative outperformance in recent months; and (4) BofAML strategists' preference for companies exposed to overseas markets, whereas Airgas derives all of its earnings from North America." Airgas closed at $92.91 on Friday.