The Fly

Air Products price target lowered to $251 from $272 at Citi

Citi analyst P.J. Juvekar lowered the firm’s price target on Air Products to $251 from $272 and keeps a Neutral rating on the shares. The analyst does not anticipate chemicals to outperform at least until next spring, when the energy price scenario "could be more benign" after the winter and high inventories of plastics could have worked down due to lowering of operating rates. With rising rates across the globe, certain end markets like construction and housing are slowing down, while others like auto manufacturing and aerospace "now seem closer to a trough," Juvekar tells investors in a research note. The analyst remains below the Street for earnings estimates in 2023 and believes consensus estimates need to come down further.

Published first on TheFly

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