Citi ups Air Products target, opens ‘positive catalyst watch’

Citi analyst Patrick Cunningham raised the firm’s price target on Air Products to $345 from $330 and keeps a Buy rating on the shares. The analyst also opened a “90-day positive catalyst watch” on the shares. The firm believes the recent activist push is likely to instill changes that unlock shareholder returns for Air Products. Recent multiple declines relative to peers do not alone explain the stock’s underperformance, the analyst tells investors in a research note. Citi sees the activist involvement as a first step in the company realizing the value of its core business and “de-risking” both current and future energy transition opportunities.