Air Products suffers two downgrades

Air Products (APD -0.4%) is downgraded to Hold from Buy at Jefferies after shares have rallied 22% since May 1 vs. 6% for the S&P 500. The firm believes the move is overdone, as investors can now buy Linde (LNAGF.PK) at a relative discount with more leverage to a shift in cyclical sentiment.

Shares are cut to Sell from Hold at BGC Partners.

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