Citi Raises Air Products' Price Target

Air Products and Chemicals, Inc. (NYSE:APD) is among the 11 Best Hydrogen Stocks to Invest in Now. Citi reiterated its Buy rating for Air Products and Chemicals, Inc. (NYSE:APD) and raised its price objective from $310 to $320 on June 30. The change is made in advance of the company’s Q2 results for Linde and Air Products and Chemicals, Inc. (NYSE:APD), noting improved foreign currency trends and efficiency gains. Citi’s positive outlook for the North America Industrial Gases group is reflected in the move.

Air Products and Chemicals, Inc. (NYSE:APD), a significant player in the industrial gases market, benefits from industry conditions that promote consistent returns. While industrial gases are commodity products, they are critical inputs to clients’ operations and account for just a small amount of total costs. Producers like Air Products and Chemicals, Inc. (NYSE:APD) can obtain long-term contracts and premium pricing because of this dynamic. Citi’s persistent positive attitude is supported by predictable cash flows and durability, which are facilitated by high switching costs and the crucial role these gases play in maintaining continuous production. It is ranked second on our list of the Best Hydrogen Stocks.

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