Air Products downgraded to Market Perform from Outperform at BMO Capital

BMO Capital downgraded Air Products (APD) to Market Perform from Outperform with a price target of $346, down from $366. The weakness in fiscal Q1 and “modest” Q2 outlook make it unlikely Air Products will successfully bridge to the FY25 guidance, the analyst tells investors. With large cuts to come in the near term and “some heavy lifting ahead needed to even approach the 2026 consensus,” the stock may drift lower before resuming its climb, says the analyst, who prefers to step to the sidelines until the new bar is set and a formal plan announced.