BUZZ-Bernstein cuts PT on Air Products, sees stabilization in second half of 2026

Reuters01-08

BUZZ-Bernstein cuts PT on Air Products, sees stabilization in second half of 2026

** Bernstein cuts price target on industrial gas company Air Products APD.N to $300 from $320

** The new PT represents a 14.5% upside to the stock's last close

** Bernstein says 2025 was worst year for European chemicals share prices relative to broader indices this millennium, while U.S. chemicals underperformed the S&P500 by 60% over 2023-25

** "Chemicals is a cyclical sector, so performance this bad should be a buying opportunity" - brokerage

** Adds fundamentals are not yet supportive, as overcapacity and weak demand persists, and believes estimates were currently a touch high

** However, brokerage says it is "not ready to give up" on chemicals yet and expects macro stabilization in the second half of 2026

** 13 of 24 brokerages rate the stock "buy" or higher, 10 "hold" and one "sell"; median PT is $295.00 - data compiled by LSEG

** In 2025, stock was down 14.83%

(Reporting by Dharna Bafna in Bengaluru)

((Dharna.bafna@thomsonreuters.com))

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