RBC Capital Cuts APD Price Target to $346

RBC Capital has reiterated its Outperform rating on Air Products, adjusting the price target to $346, a 15.08% upside from the current price.

By TradeTexts Research Desk · Published Oct 15, 2026, 9:18 PM EDT · Updated Oct 17, 2026, 8:15 AM EDT

Reviewed by automated data checks against the source data. How we make and check alerts

RBC Capital cut its price target on Air Products and Chemicals, Inc. ($APD) to $346 from $360 on October 15, 2026, and rates the stock "Outperform".

Since the rating, $APD is up 1.0% to date (from the $296.60 close on Oct 15, 2026).

APD Air Products and Chemicals, Inc.

$299.59 +21.90% year to date

Daily close · Oct 16, 2026

Key Points

On October 15, 2026, RBC Capital reiterated its Outperform rating on Air Products and Chemicals, Inc. (APD), setting a price target of $346, down from $360.
RBC Capital's $346 price target implies 15.08% upside from Air Products and Chemicals, Inc.'s ($APD) current $300.66 share price.
As of October 16, 2026, APD traded at about $300.66, which is approximately 13.1% below RBC's new target price.
Air Products has a dividend rate of $7.24, with a payout ratio of 75.7%, reflecting a commitment to returning value to shareholders.

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RBC Capital has reiterated its Outperform rating on Air Products and Chemicals, Inc. (NYSE: APD) on October 15, 2026, setting a new price target of $346. This is a decrease from the previous target of $360.

APD shares were recently trading at about $300.66, which is approximately 13.1% below the new price target. This gap may suggest a potential upside for investors if the stock moves toward the target price.

Analyst rating track record

RBC Capital vs. the S&P 500

YTD return -1.39% hypothetical

All-time return -1.39% S&P 500 +0.23%

vs. S&P 500 -1.62% behind the index

Hypothetical returns from RBC Capital's disclosed trades, not real profit or advice. How we model this.

Other Institutional Activity in Air Products and Chemicals

Several other institutional investors have also shown interest in Air Products. Blackrock Inc. holds 18,316,711 shares, valued at about $5.49 billion, after increasing its position by 261,796 shares. Vanguard Capital Management LLC owns 14,540,399 shares worth approximately $4.36 billion, having added 73,780 shares. State Farm Mutual Automobile Insurance Co. maintains 11,840,799 shares, while Capital Research Global Investors has 10,602,157 shares, increasing its holdings by 191,555 shares to a value of about $3.18 billion. State Street Corporation also holds 10,270,853 shares, adding 160,751 shares.

Air Products and Chemicals, Inc. Stock Up 5.8%

Air Products shares are trading below RBC's new price target, which could indicate a buying opportunity if the stock recovers. The shares have recently fluctuated around $300.66, which is significantly lower than the target, suggesting there may be room for growth.

12-month forecast

$APD price target

Air Products and Chemicals, Inc. daily closes and this analyst's $346 target. Not advice.

Recent Earnings

For the trailing twelve months, Air Products reported total revenue of approximately $12.6 billion. The company has a negative net margin of 0.4% and an earnings per share (EPS) of -$0.20. The next earnings report is scheduled for November 5, 2026.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

B+ 79/100

Reported Apr 30, 2026

Forward outlook
5 analysts raised price targets.
EPS & revenue
EPS beat estimates by 3.4%. Revenue beat estimates by 2.4%.
Profit surprise
EBITDA met by 1 percent. Operating income beat by 20 percent.
Pre-earnings setup
Expectations were about average.
Analyst signal
5 target raises.
Earnings quality
Gross margin up 1.6 points. Operating margin up 103.6 points. Positive free cash flow.

Earnings Call Summary

The quarter delivered strong underlying results with adjusted operating income up 12 percent and margins expanding to 24.4 percent despite sluggish economic conditions. Pricing actions and productivity drove gains across segments, though helium sales fell about 4 percent for the year due to tough prior-year comparisons. Management remains focused on disciplined capital spending, the Darrow ammonia project negotiations with Yara, and bringing new assets online in electronics and aerospace sectors.

Guidance Air Products kept its full-year profit guidance at $12.85 to $13.15 per share, expecting 7 to 9 percent growth. For the next quarter, they said earnings would be $2.95 to $3.10 per share, about 10 to 15 percent higher than last year. The company faces helium weakness but sees pricing gains offsetting that.

Good report. The company beat and showed some forward improvement, with a few meaningful caveats.

Insider Buying and Selling at Air Products and Chemicals, Inc.

Insider transactions include several sales. Andrew W. Evans, a Director, sold 5 shares for $283.20 on April 3, 2025. Victoria Brifo, an Officer, sold 1,359 shares at an average price of $292.38 on August 5, 2025. Additionally, L.P. Mantle Ridge, a significant beneficial owner, sold 70,175 shares at $284.21 on February 12, 2026. CFO Melissa N. Schaeffer sold 2,714 shares for $303.76 on May 1, 2026.

Analysts Set New Price Targets

On October 15, 2026, RBC Capital maintained its Outperform rating on Air Products with a target price of $346, down from $360. Other recent ratings include UBS, which maintained a Neutral rating with a target of $305, and Citigroup, which also kept a Neutral rating with a target of $312, both reflecting a cautious outlook.

About Air Products and Chemicals

Air Products and Chemicals, Inc. provides gases and related equipment for various industries worldwide. The company operates in sectors like specialty chemicals and atmospheric gases, making it a key player in the industrial gas market.

Bottom Line

Investors should keep an eye on Air Products as it approaches its next earnings report on November 5, 2026. The recent analyst adjustments and insider trades might offer further insights into the company's future performance.