UBS upgraded Air Products (APD) to Buy from Neutral with a $375 price target The firm views the company’s fiscal 2025 outlook as conservative guide and “de-risking actions” as positive catalysts. Activists are focused on de-risking large scale projects and reducing the company’s capex spend, the analyst tells investors in a research note. As Air Products’ backlog starts up post fiscal 2025, this sets up for a multi-year period of, higher than peers, mid-teens earnings growth, contends UBS.
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