UPDATE: UBS Upgrades Air Products & Chemicals Inc. (APD) to Buy

(Updated - February 1, 2016 7:49 AM EST)

UBS upgraded Air Products & Chemicals Inc. (NYSE: APD) from Neutral to Buy with a price target of $151.00.

Analyst John Roberts commented, "We see APD as one of the most defensive stocks in the chemicals space. The stock is down ~20% from its 52-week high on 3/2/15 – among the largest corrections in 20+ years aside from the financial crisis. APD is now trading in-line with the S&P after the recent pullback; we believe this represents a compelling entry point in this high quality company."

The firm sees several new projects swing from start-up costs to EPS contributions over the next 12-24 months. APD has also been cutting positions and restructuring to increase sales margins by ~130 bps, the analyst said.

For an analyst ratings summary and ratings history on Air Products & Chemicals Inc. click here. For more ratings news on Air Products & Chemicals Inc. click here.

Shares of Air Products & Chemicals Inc. closed at $126.71 yesterday.

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