BMO Capital analyst John McNulty lowered the firm’s price target on Air Products to $307 from $365 and keeps an Outperform rating on the shares. The firm has taken a more conservative approach to the company’s capital outflows and project timing after its “modest” Q4 earnings beat, the analyst tells investors in a research note. BMO adds however that with a stable core in a recessionary environment and an eventual payout on these projects, Air Products’ stock correction “appears overdone”.
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