Redburn Atlantic analyst Colin Isaac upgraded Air Products (APD) to Neutral from Sell with a price target of $330, up from $255. The firm says the Mantle Ridge activist campaign addresses most of the issues around the company’s balance sheet risk, capital allocation and management that underpinned its Sell thesis. Air Products could ultimately unlock greater than $100 per share of value, the analyst tells investors in a research note. Redburn expects Mantle’s proposal to garner broad support.
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