Air Products downgraded to Sell from Buy at Redburn Atlantic

Redburn Atlantic analyst Colin Isaac double downgraded Air Products to Sell from Buy with a $240 price target. The analyst says delays, cost over-runs and higher financing costs have lowered visibility on the company’s backlog returns to the point “where this can only be considered optionality.” Meanwhile, Air Products’ base business growth is slowing and its fiscal 2024 guidance “looks ambitious,” the analyst tells investors in a research note. The firm calls hydrogen subsidies are a “double-edged sword.”