In a blow to Air Products’ new management, shares in the industrial gas major have been downgraded by analysts at Bank of America to Underperform from a previous investment rating of Neutral.
The downgrade reflects heightened uncertainty around the financial viability and timing of three major clean hydrogen projects in Saudi Arabia (NEOM), Louisiana and Alberta.
Tariffs and weakened climate policy could inflate capital costs and delay timelines, particularly for NEOM and Louisiana, the bank said.
