UPDATE: JP Morgan Downgrades Air Products to Neutral, Maintains $90 PT

JP Morgan downgrades Air Products

to Neutral from Buy as stock approaches the reiterated price target of $90. JP Morgan says, "The price of APD shares remains below the mid to high-$90s peaks visited in mid-2011. European and Asian business prospective fundamentals at that juncture appeared stronger than today's. The recent upward move in APD shares appears justified by current economic fundamentals, but we do not envision further nearterm multiple expansion based on weak fundamentals over the next two quarters nor from improving short-term macro trends. Accordingly, there may be more attractive re-entry points into the shares in the event of a fall in macro confidence or because of lumpiness in the quarterly APD business growth pattern." APD closed at $91.56 per share on Wednesday.