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APD

Air Products

$150.34

-0.17 (-0.11%)

, VSM

Versum Materials

09:10
10/03/16
10/03
09:10
10/03/16
09:10

Air Products completes spin-off of Versum Materials

Air Products (APD) announced that it has completed the separation of its Electronics Materials Division through the spin-off of Versum Materials (VSM). Versum begins "regular way" trading October 3 on the New York Stock Exchange under the symbol "VSM." Air Products common stockholders receive one share of common stock of Versum for every two shares of Air Products stock held as of the close of business on September 21.

APD

Air Products

$150.34

-0.17 (-0.11%)

VSM

Versum Materials

  • 27

    Oct

APD Air Products
$150.34

-0.17 (-0.11%)

08/12/16
08/12/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: Alibaba (BABA) upgraded to Strong Buy from Outperform at Raymond James, to Outperform from Neutral at Macquarie, and to Conviction Buy from Buy at Goldman. 2. Foot Locker (FL) upgraded to Buy from Neutral at B. Riley with analyst Mitchel Kummetz citing continued strength in athletic footwear. 3. NVIDIA (NVDA) upgraded to Outperform from Sector Perform at RBC Capital with analyst Mitch Stevens saying the company reported " blow out" results, as its data center business beat expectations by a significant amount. 4. BlackBerry (BBRY) upgraded to Outperform from Market Perform at Raymond James with analyst Steven Li saying BlackBerry's narrative is shifting towards software and sees 80% recurring revenues, 15% organic growth, and 30% Earnings Before Interest Tax Depreciation and Amortization margins. Given the profit growth and profitability profile of software, Li raised BlackBerry's price target to $10.50 from $8. 5. Air Products (APD) upgraded to Overweight from Neutral at JPMorgan with analyst Jeffrey Zekauskas saying the company is likely to have a "far stronger" capital structure following the close of the sale of its Performance Materials business and the spin of Versum Materials to its shareholders. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/19/16
OPCO
09/19/16
INITIATION
Target $28
OPCO
Outperform
Versum Materials initiated with an Outperform at Oppenheimer
Oppenheimer analyst Ian Zaffino initiated Versum Materials (VSM) with an Outperform rating and $28 target, saying the stock will offer a play on the proliferation of consumer devices, increasingly complex semiconductor design and an industry that has become less cyclical when the separation from Air Products (APD) is completed. Air Products previously said it expects "regular way" trading of Versum common stock to begin on the NYSE on October 3.
09/23/16
JEFF
09/23/16
INITIATION
Target $26
JEFF
Hold
Versum Materials initiated with a Hold at Jefferies
Jefferies analyst Laurence Alexander started then when issued shares of Versum Materials (VSM) with a Hold rating and $26 price target. The company is being spun off from Air Products (APD).
09/30/16
ATLE
09/30/16
UPGRADE
ATLE
Neutral
Air Products upgraded to Neutral from Underweight at Atlantic Equities
VSM Versum Materials

09/28/16
KEYB
09/28/16
INITIATION
Target $30
KEYB
Overweight
Versum Materials initiated with an Overweight at KeyBanc
KeyBanc analyst Michael Sison started Versum Materials with an Overweight rating and $30 price target. Versum offers a "high quality" specialty chemical company that is leveraged to the semiconductor industry, Sison tells investors in a research note.
10/03/16
FBCO
10/03/16
INITIATION
Target $27
FBCO
Outperform
Versum Materials initiated with an Outperform at Credit Suisse
Credit Suisse analyst Kieran de Brun initiated Versum Materials with an Outperform and a a $27 price target. The analyst said Versum has best-in-class margins, leading technology that strategically integrates its platform with customers to benefit from secular growth trends in the semiconductor industry, and the ability to pursue accretive M&A due to robust free cash flow generation.
10/03/16
MSCO
10/03/16
INITIATION
Target $24
MSCO
Equal Weight
Versum Materials initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Neel Kumar initiated Versum Materials with an Equal Weight and a $24 price target. The analyst views the current 11x multiple as an appropriate valuation level given expectations for 10% earnings CAGR in 2016-2018.

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