BofA upgraded Air Products (APD) to Buy from Neutral with an unchanged price target of $264. The stock’s “valuation disconnect” with Linde (LIN) is unwarranted, Air Products’ speculative project backlog now has less risks, and the base business is robust, contract to the current market view, the analyst tells investors in a research note. The firm attributes the 16% share pullback over the past two weeks to concerns that Air Products has prioritized clean energy growth projects with less focus on the base business. It sees the stock’s valuation relative to Linde reverting.
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