Air Products: Jefferies raises target price

(CercleFinance.com) - While maintaining its "hold" rating on Air Products shares, Jefferies has increased its target price for them from $300 to $310, expecting the group to target average annual EPS growth at the top of the 10%-20% range at least until the end of the decade.


While acknowledging "The macro environment is lackluster suggesting merchant volumes will be
flattish", the broker points to unaffected on-site demand to drive sales and EPS growth.

Jefferies expects Air Products to set an initial EPS target range of $13.35 to $13.85 for FY 2024, up 17% to 21%, "to reflect trend core business growth, productivity and megaproject start-ups".


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