UPDATE: Jefferies Downgrades Air Products & Chemicals to Hold, Reiterates $104 PT on Unattractive Risk/Reward

In a report published Monday, Jefferies analyst Laurence Alexander downgraded the rating on Air Products & Chemicals 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.