UPDATE: Morgan Stanley Downgrades Airgas to Equal-Weight Following Outperformance

Morgan Stanley downgraded Airgas

from Overweight to Equal-weight and removed the $100.00 price target. Morgan Stanley analyst Vincent Andrews commented, "In the TTM, Airgas has meaningfully outperformed key peers APD & PX, the overall Chemicals sector, and the S&P 500. […] We are nudging our FY2014 EPS up 2% to $5.60 vs. consensus of $5.49 as we now expect FY14 SSS growth of 3.7% vs.3.3% prior. Nothing has changed about our favorable view of the company's opportunity set, though the economic outlook has improved. While further multiple expansion is possible, it is not our Base Case." Airgas closed at $103.52 on Wednesday.