Wells Fargo raised the firm’s price target on Air Products to $330 from $280 and keeps an Equal Weight rating on the shares. Recent activism from Mantle Ridge and D.E. Shaw likely sets a valuation floor, boosting investor sentiment toward the higher end of the historical range, the analyst says. The firm believes possible changes could include right sizing its heavy engineering build out and refocusing on the core industrial gas business vs. its mega project strategy.
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