Goldman Sachs analyst Duffy Fischer lowered the firm’s price target on Air Products to $305 from $335 but keeps a Buy rating on the shares. The company’s “modest” Q4 earnings beat was driven by improved pricing and higher equity affiliate income on a year over year basis but partly offset by higher costs and 9% lower sales in Asia due to weak price/volume, the analyst tells investors in a research note. News on the Louisiana project capex increase overshadowed this quarter’s solid results and the outlook for next year however, the firm added.
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