UPDATE: Credit Suisse Upgrades Air Products & Chemicals Inc. (APD) to Outperform

(Updated - October 16, 2014 11:15 AM EDT)

Credit Suisse upgraded Air Products & Chemicals Inc. (NYSE: APD) from Neutral to Outperform with a price target of $150.00. Analyst John P. McNulty is confident in the company's turnaround and he sees and attractive entry.

"We believe in CEO Seifi Ghasemi and his ability to help drive APD toward significantly improved profitability, but had been worried that the stock was ahead of itself on valuation. However with a 10% slide in the past 3 weeks in what we believe is a relatively low risk story given: 1) a lot of the near-term earnings growth driven by self-help (vs. macro) and 2) our belief that even if 2015 came in modestly below the consensus/us that investors would largely look through as they focus on the "true potential earnings power" in the out years, we believe APD's risk/reward profile has improved vs. the group and as such we are raising our rating to Outperform and reiterate our $150 12-18 month price target that offers ~24% upside including the yield," he 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 $126.27 yesterday.

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