Wells Fargo upgraded Air Products (APD) to Overweight from Equal Weight with a price target of $350, up from $330. The majority of shareholders support change at the company, and the firm contends that an “improved” Air Products will emerge after its annual shareholder meeting, with an “improved risk culture” that should drive attractive growth and multiple expansion, the analyst tells investors in a research note. Wells Fargo adds that it expects the mega projects in the company’s backlog to be de-risked, cost savings to accelerate, and reduced headcount and future projects to better mirror traditional industrial gas models.
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