BUZZ-Citigroup downgrades rating on Air Products to 'neutral', lowers PT

Reuters12-15

** Citigroup downgrades rating on industrial gas company Air Products APD.N to "neutral" from "buy"; cuts PT to $245 from $300

** New PT represents a marginal upside to stock's last close

** "We have long viewed APD's projects as roughly value-neutral after factoring in sunk capital, with partnerships critical to de-risking the upfront spend," - brokerage

** Brokerage adds that while it remains encouraged by efforts to right-size the cost structure and clean up underperforming projects, the risk profile and cash flow overhang justify the recent de-rating

** 15 of 25 brokerages rate the stock "buy" or higher, nine "hold" and 1 "sell"; median PT is $305.17 - data compiled by LSEG

** As of last close, APD down 16.2% YTD

(Reporting by Dharna Bafna in Bengaluru)

((Dharna.bafna@thomsonreuters.com))

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