Jefferies Reports Air Products Dividend Bumps Higher

In a report published by Jefferies, Air Products APD dividend has bumped higher.

Jefferies said that Air Products announced it has repurchased $350m of stock so far in Q2(Mar). “In addition the company raised its quarterly dividend 18% to $0.58, implying a 2.7% yield. We are maintaining 2011E EPS (as incremental earnings are likely offset by near-term Electronics pressure), and raising 2012E $0.05 to $6.60. We reiterate our Buy rating. Air Products trades at 15.0x 2011E EPS and 8.5x EBITDA. Our $111/share price target represents 16.8x 2012E EPS and 9.7x EBITDA, and is based on our sector regression models while comparing favorable with Air Products' 10-year average NTM P/E of 16.7x. Key risks: slowing demand and chemical input costs; any deterioration in capital discipline.”

Air Products closed yesterday at $86.25.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorAnalyst RatingsAir ProductsIndustrial GasesJefferiesMaterials
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!