UPDATE: KeyBanc Capital Markets Downgrades Air Products & Chemicals to Hold, Removes PT

In a report published Wednesday, KeyBanc Capital Markets downgraded its rating on Air Products & Chemicals APD from Buy to Hold, and removed its $102.00 price target. KeyBanc noted, “We are downgrading Air Products and Chemicals Inc. (APD-NYSE) to a HOLD rating from BUY rating despite its recent and sharp sell off since it reported fiscal 4Q12 results on October 19th. Underpinning our change in sentiment to a more neutral stance is another sharp earnings reduction this time to FY13, down earnings growth in 1H13, which does not bode well for multiple expansion near term, uncertainty on APD's long-term earnings potential and simply a lack of good catalysts to reverse the negative trends. APD is trading at the low end of its historical trading range on both an EV/EBITDA and P/E basis, suggesting limited downside at current levels, supporting our neutral stance.” Air Products & Chemicals closed on Tuesday at $77.28.