Weakness may be an opportunity for Air Products and Chemicals (APD).
After plunging from about $285 to $246, the oversold giant just caught strong support. Better, the last time APD became this technically oversold, it bounced from about $226 to $285. A buy opportunity again now, I’d like to see APD initially retest $285 near term.
Helping, Bank of America analysts just raised their price target to $312. Deutsche Bank raised its price target to $310. Even BMO Capital just raised its price target on APD to $263 from $250, with an outperform rating.
BMO added, “With continued pricing, a more aggressive focus on cost-cutting, no major changes on the projects, and the corp. line likely to improve with the help of greater LNG equipment, we believe the stock will start to grind higher,” as quoted by Investing.com.