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UPDATE: Jefferies Downgrades Air Products & Chemicals on Unattractive Risk/Reward

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In a report published Monday, Jefferies analyst Laurence Alexander downgraded Air Products & Chemicals (NYSE: APD) from Buy to Hold, but reiterated the $104.00 price target.

In the report, Jefferies noted, “Air Products shares have rallied 22% since May 1, vs. 6% for the S&P 500. This move is overdone, in our view, as investors can now buy Linde (LIN GR, Buy) at a 9% relative discount (NTM P/E) with more leverage to a shift in cyclical sentiment (esp. concerning Europe). Given an unattractive risk/reward, we downgrade Air Products to Hold from Buy.”

Air Products & Chemicals closed on Friday at $104.12.

Latest Ratings for APD

DateFirmActionFromTo
Jan 2021JefferiesDowngradesBuyHold
Nov 2020Morgan StanleyMaintainsOverweight
Nov 2020JP MorganDowngradesOverweightNeutral

View More Analyst Ratings for APD
View the Latest Analyst Ratings

 

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Posted-In: Jefferies Laurence AlexanderAnalyst Color Downgrades Analyst Ratings

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