Air Products and Chemicals

APD · NYSE

$302.58+$3.93 (+1.32%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $298.65

APD analyst rating

BuyConsensus of 17 analysts over the last 12 months. 65% rate it a buy.

Strong buy0
Buy11
Hold6
Underperform0
Sell0

12-month price target · 22 analysts

Average $352.33 (+16.4% upside)

Low: $317.14
Now: $302.58
High: $391.65

Upgrades and downgrades

The latest rating actions, newest first

APD analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Oct 15, 2026	Maintains	Outperform	$360.00 → $346.00	46%
Barclays	Oct 13, 2026	Initiates	Overweight	$353.00	50%
Citigroup	Oct 7, 2026	Maintains	Neutral	$330.00 → $312.00	53%
UBS	Oct 5, 2026	Maintains	Neutral	$336.00 → $305.00	49%
Keybanc	Sep 11, 2026	Initiates	Sector Weight	—	30%
Argus Research	Sep 9, 2026	Maintains	Buy	$316.00 → $329.00	67%
RBC Capital	Aug 6, 2026	Maintains	Outperform	$358.00 → $360.00	46%
UBS	Jul 31, 2026	Maintains	Neutral	$330.00 → $336.00	49%
Citigroup	Jul 31, 2026	Maintains	Neutral	$315.00 → $330.00	53%
Mizuho	Jul 31, 2026	Maintains	Outperform	$345.00 → $355.00	62%

The case for and against

Updated Dec 28, 2024

Bull case

Air Products & Chemicals has demonstrated a strong financial performance, highlighted by a significant increase in EBITDA across its global regions, with Europe up 17% and Asia up 21%, driven by new assets and production capacity expansion. The company's pricing strategy appears effective, with consistent gains of 1-2% anticipated across regions, helping to maintain profitability amidst varying demand. With an expected EBITDA contribution of approximately $135-140 million from new business initiatives and an 11% increase in Americas EBITDA, Air Products is well-positioned for continued growth and stability in the coming years.

Bear case

Air Products & Chemicals faces a challenging outlook due to anticipated recessionary headwinds that could lead to a decline in global growth, resulting in projected EBITDA of $5 billion in 2025 at a 9x multiple. The recent cancellation of the $4.5 billion Texas Green H2 project highlights the company's struggle to secure economically viable projects, further complicating investor confidence. Additionally, inflationary pressures pose a risk to the cost and returns of its substantial project backlog, contributing to increased volatility and uncertainty within the corporate structure.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.