Air Products downgraded to Underperform at BofA on clean hydrogen risk

BofA analyst Steve Byrne downgraded Air Products (APD) to Underperform from Neutral with a price target of $282, down from $330. While new Air Products leadership has shuttered a few projects that were ill-fated, the firm views three remaining clean hydrogen projects – NEOM, Louisiana, and Alberta – as having uncertain return potential post President Trump’s global trade initiatives, which could cause further capex increases and project delays, as well as discouragement for reluctant customers from locking in long-term offtakes at attractive pricing.