Barclays Starts Air Products & Chemicals Inc. (APD) at Overweight

Barclays initiates coverage on Air Products & Chemicals Inc. (NYSE: APD) with a Overweight rating and a price target of $160.00.

Analyst Duffy Fischer commented "APD has plenty of dry powder, with >$5b available for deployment by our estimates ($3bn cash + $2bn+ debt capacity). The company has made a clear preference for acquisitions and organic growth opportunities vs. buybacks or other deployment methods. Although gauging acquisitions timing/magnitude can be difficult, accretion from this deployment should be more meaningful than we think investors are modeling. If ~$5b were deployed at a 10% EBIT return, that would add nearly $1.50 in cash EPS to our estimates."

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 $140.13 Friday.

You May Also Be Interested In

• Berenberg Starts Lloyds TSB Group (LYG) at Hold, 'shares are fairly valued'
• Keurig Dr Pepper (KDP) PT Raised to $39 at Jefferies
• Macquarie Upgrades ASM Pacific Technology (522:HK) (ASMVY) to Outperform