Seaport Research downgraded Air Products to Neutral from Buy without a price target. The company has continued to disappoint investors with apparent execution missteps, project delays, customer uncertainty, and diminishing transparency, the analyst tells investors in a research note. The firm cites these reasons and a lack of near-term catalysts for the downgrade. Seaport awaits “clear signs that execution is improving and the story is fully de-risked,” which it thinks could take several quarters.
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