Air Products' Strong Backlog, Cash Flow Inflection Support Outlook, RBC Says

MT Newswires Live11-07

Air Products and Chemicals (APD) is executing well, with a strong $3.3 billion backlog in highly attractive end markets like Electronics and Space, while a free cash flow inflection could pave the way for share repurchases in fiscal 2028, RBC Capital Markets said.

The investment firm said in a Thursday note that Air Products can reach the midpoint of its fiscal 2027 guidance through more than mid-single-digit percentage volume growth and over $250 million in annual cost savings.

RBC expects fiscal 2027 to be a transition year for Air Products as management wraps up legacy project capital expenditures and repositions the company around its core industrial gas business.

Thursday's about 3% decline in Air Products shares likely reflects consolidation after the company's roughly 13% gain over the past month, lower-than-expected fiscal Q1 guidance, according to the note.

The investment firm lowered its EPS estimates for fiscal Q1 and fiscal 2027 to $3.40 and $14.35 from $3.45 and $14.40.

RBC maintained its outperform rating on Air Products and raised its price target to $359 from $346.

Price: 307.75, Change: -1.74, Percent Change: -0.56

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