Wells Fargo lowered the firm’s price target on Air Products to $320 from $345 and keeps an Overweight rating on the shares. While the increase in the Louisiana project cost sunk Air Products’ multiple, the firm remains bullish as project should generate an attractive ROIC, still see strong EPS growth in FY24 and valuation at the low end of its 7 year ave.
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Read More on APD:
- Air Products price target lowered to $260 from $305 at Barclays
- Air Products Stock (NYSE:APD) Down 13% on Mixed Q3 Results
- Air Products Reports Fiscal 2023 Fourth Quarter GAAP EPS of $3.08 and Adjusted EPS of $3.15
- Air Products sees FY24 adjusted EPS $12.80-$13.10, consensus $12.86
- Air Products sees Q1 adjusted EPS $2.90-$3.05, consensus $2.99