BMO Capital raised the firm’s price target on Air Products to $300 from $294 and keeps an Outperform rating on the shares. The firm cites the company’s sale of its LNG business to Honeywell (HON) for $1.81B, allowing it to focus on its two core pillars: industrial gases and clean hydrogen, the analyst tells investors in a research note. Cost overruns on some large-scale projects has driven a sell-off in the stock, leading to a “particularly attractive” buying opportunity for Air Products, BMO added.
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Read More on APD:
- Air Products Sells LNG Business to Honeywell for $1.81B
- M&A News: Honeywell (NASDAQ:HON) Acquires APD’s LNG Equipment Business for $1.8B
- HONEYWELL TO ACQUIRE AIR PRODUCTS’ LIQUEFIED NATURAL GAS PROCESS TECHNOLOGY AND EQUIPMENT BUSINESS TO EXPAND ENERGY TRANSITION SOLUTIONS AND SERVICES
- Honeywell to acquire Air Products’ LNG business for $1.81B in cash
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