UPDATE: Jefferies Raises PT on Air Products to $111 (APD)

Jefferies is out with its report today on Air Products

, raising its PT from $105 to $111. In a note to clients, Jefferies writes, "With a recovery in industrial markets and rising energy prices likely to flow through to Air Products' backlog in 2011, and a proven ability to pass through rising input costs, we reiterate our Buy rating and raise our target $6 to $111/share." At the time of posting, shares of APD were trading at $93.57, up 3.71% from Tuesday's close.