Deutsche Bank Reiterates Buy, $94 Target on Air Products & Chemicals

Deutsche Bank maintains its Buy rating and $94 target price on Air Products & Chemicals, Inc. APD as company started slow for the year but has a strong backlog. Deutsche Bank says, “While we are modestly trimming our Q1 (by 2%) and 2012 (by 3%) estimates for Air Products following meetings with the CFO, we maintain a positive view of the shares on the strength of the company's record, and likely further increasing, $2.5B project backlog and improvements in Merchant (new signings, higher pricing, new management) following a disappointing 2011. With valuation an attractive 13.7x 2012 P/E and a too wide 3.2 P/E multiple discount to Praxair (13.5x C'12E EPS vs. 16.7x for Praxair).” APD closed at $81.96 per share on Friday.