Citi Issues Upward Revision in Price Target for Air Products and Chemicals (APD)

Air Products and Chemicals (NYSE:APD) is one of the best Materials stocks to invest in according to Hedge Funds.

On January 21, Citi analyst Patrick Cunningham reaffirmed his Neutral rating on Air Products and Chemicals (NYSE:APD), and revised his target price forecast from $245 to $272. Such a notable revision is backed by his favorable view of currency and sales environment for the specialty chemicals sector.

Back on January 8, Steve Byrne from Bank of America Securities upgraded his rating for Air Products and Chemicals (NYSE:APD) from Underperform to Neutral. The analyst forecasted a price target of $275, yielding a 6.5% upside potential.

Byrne’s upgrade is based on his belief that the underlying market conditions do not seem as vulnerable as the volatility of Air Products and Chemicals (NYSE:APD) shares projects. He acknowledged management’s efforts to tackle challenges related to backlog projects. However, he noted that the success of the company’s turnaround strategy will be dependent on traditional gas projects instead of underperforming legacy ones.

Air Products and Chemicals (NYSE:APD) is a global leader in process & specialty, atmospheric and industrial gases. They cater to the needs of diverse industries such as electronics, metals, chemicals, energy, and more. They produce gases including oxygen, hydrogen, nitrogen, argon, carbon dioxide, helium, carbon monoxide, and syngas.

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Disclosure: None. This article is originally published at Insider Monkey.