Air Products and Chemicals Inc (APD)

[Bart Myers]

Morgan Stanley is reiterating its Overweight rating and is raising its price target from $105 to $115 on Air Products and Chemicals Inc. (NYSE: APD) following the company's Investor Day, held last week.

In the report, Morgan Stanley writes, “Last week, Air Products hosted its 2011 investor day in New York. Management gave new long-term goals of $15 billion in revenue and 20% EBIT margin by 2015, and, perhaps most important, targeted a 150 bps improvement in return on capital. The company also announced a new contract to supply an additional 200mn cubic ft/day of hydrogen to a large US refiner. This will increase the company's sales to this market by 9% in 2013, or ~$160-170 million.”


Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1161029/morgan-stanley-reiterates-rating-ups-pt-on-apd#ixzz1PAU7Ccl0