Air Products & Chemicals Inc. (APD) PT Lowered to $315 at TD Cowen

TD Cowen analyst Marc Bianchi lowered the price target on Air Products & Chemicals Inc. (NYSE: APD) to $315.00 (from $325.00) while maintaining a Buy rating.

The analyst commented: "The new management at APD hit the reset button on guidance as the company shifts focus to the traditional industrial gas business while attempting to mitigate the risk of the remaining clean hydrogen projects. F2025 guidance range was set to $12.00 at the midpoint a -7% decrease from the previous guide. Moreover, management gave a thorough update on the plans for the remaining large clean H2 projects and introduced a capital spending outlook beyond FY25 with a goal of reaching FCF breakeven by FY27 and reaching $2.5B of CapEx by FY30. APD will also look to trim headcount by roughly ~11% by '27/'28. These combined actions are aimed to achieve a HSD Adj. EPS growth rate between '26-'29 along with increasing margins, return on capital and achieving a FCF surplus."

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