JPMorgan advised clients to buy shares of Air Products and Chemicals as rising oil prices due to the U.S.-Iran war lead to a murkier economic outlook. The bank upgraded the industrial gas supplier to overweight from neutral. It also raised its price target on the stock to $310 from $280, implying a 9% gain from Thursday’s close. In an environment where growth is slowing, inflation is rising and the potential for higher interest rates is increasing, JPMorgan said Air Products and Chemicals’ stable earnings per share growth could make this stock perform relatively well. “We expect Air Products’ volumes to accelerate because of higher utilization rates in the chemicals and refinery areas in North America that benefit from higher priced oil,” wrote analyst Jeffrey Zekauskas. APD YTD mountain APD year-to-date chart. He added that the company’s earnings have been under pressure recently due to falling helium prices. However, helium is now rising due to a shortage caused by the war in the Middle East. While 95% of its helium business is under long-term contracts, Zekauskas said, 20% of those contracts are renewed each year. “If there were any company that should benefit from a possible shortage of helium containers, it is Air Product,” wrote Zekauskas. “We think the helium penalty for Air Products should narrow in F2026 as long-term helium contracts renew.” Shares of Air Product rose 0.5% in Friday premarket trading, and are up 15% in 2026.
