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Why Air Products & Chemicals Shares Are Rising Today

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BofA Securities analyst Steve Byrne upgraded Air Products & Chemicals Inc (NYSE:APD) to Buy (from Neutral) with a price target of $264.

The upgrade reflects unwarranted valuation disconnect, lower risk in speculative project backlog, and a strong base business.

While the long-term outlook for NEOM is unknown, this project represents only $0.8 billion of Air Products’ backlog of $20 billion on non-recourse financing, says the analyst. 

Earier this month, …

Full story available on Benzinga.com

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