Barclays Cuts Price Target and Estimates on Air Products & Chemicals (APD); Demand Slipping; Currency Woes

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Barclays maintains an 'Overweight' on Air Products & Chemicals Inc. (NYSE: APD) price target of $98.00 (from $101.00).

Analyst, Duffy Fischer, said, "Q3 results fell within the guidance range of $1.40-1.45. Lower energy pass-through, recessionary conditions in Europe, and declining Merchant gas volume outweighed higher sales in APD's Asian merchant business. Operating margins improved over 100bp due to significant cost initiatives."

FY12 EPS estimate raised from $5.41 to $5.52, but FY13 lowered from $6.30 to $6.07.

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 $78.91 yesterday, with a 52 week range of $72.26-$92.79.

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