KeyBanc Downgrades Air Products & Chemicals Inc. (APD) to Hold

KeyBanc downgraded Air Products & Chemicals Inc. (NYSE: APD) from Buy to Hold.

The firm comments: "We are downgrading Air Products and Chemicals Inc. (APD-NYSE) to a HOLD rating from BUY rating despite its recent and sharp sell off since it reported fiscal 4Q12 results on October 19th. Underpinning our change in sentiment to a more neutral stance is another sharp earnings reduction this time to FY13, down earnings growth in 1H13, which does not bode well for multiple expansion near term, uncertainty on APD's long-term earnings potential and simply a lack of good catalysts to reverse the negative trends. APD is trading at the low end of its historical trading range on both an EV/EBITDA and P/E basis, suggesting limited downside at current levels, supporting our neutral stance."

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 $77.28 yesterday.

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