Air Products & Chemicals Inc. (APD) PT Raised to $300 at BMO Capital

BMO Capital analyst John McNulty raised the price target on Air Products & Chemicals Inc. (NYSE: APD) to $300.00 (from $294.00) while maintaining a Outperform rating.

The analyst commented, "APD announced that it is selling its LNG equipment business to HON for $1.8bn. While the asset is valuable with leading share, investors have struggled to appreciate the business for a host of reasons. At what appears to be 13x 2024E EBITDA (roughly in line with APD's multiple on 2024 and below its 11.8x multiple on F25), the help it gives their cash flow and balance sheet, and the smoothing out of their corporate earnings, we see this as another positive step for APD; our TP raised to $300."

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