Why Air Products & Chemicals Shares Are Rising Today
Portfolio Pulse from Lekha Gupta
BofA Securities analyst Steve Byrne upgraded Air Products & Chemicals Inc (NYSE:APD) to Buy from Neutral with a price target of $264, citing an unwarranted valuation disconnect, lower risk in speculative project backlog, and a strong base business. Despite missing Q1 2024 earnings expectations due to challenges in its helium business, the company's long-term outlook remains positive with a $20 billion project backlog. APD shares rose 4.4% to $226.54.
February 15, 2024 | 6:47 pm
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POSITIVE IMPACT
Air Products & Chemicals Inc was upgraded to Buy from Neutral by BofA Securities with a price target of $264, reflecting positive sentiment on its valuation and project backlog despite a Q1 earnings miss.
The upgrade by BofA Securities is a strong positive signal to the market, indicating confidence in Air Products & Chemicals' future performance despite recent earnings misses. The specific mention of a valuation disconnect and a strong project backlog, including the NEOM and Louisiana projects, suggests a robust growth outlook. This analyst endorsement, coupled with a set price target above current trading levels, likely contributed to the stock's price increase.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100