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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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