Wells Fargo reiterates an Overweight rating on Air Products (APD) after activist Mantle Ridge won three of the four board seats it sought. Air Products is now on a path to change its growth strategy that should drive “significant” shareholder value, as new leadership will install a more traditional industrial gas growth model and de-risk its mega-projects, the analyst tells investors in a research note. The firm believes the majority of shareholders supported change at the company. As Mantle Ridge has outlined, it believes new management can embark on a number of initiatives that would drive the value of Air Products to $425 per share, Wells points out.
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