Air Products price target lowered to $315 from $335 at Morgan Stanley

Morgan Stanley analyst Vincent Andrews lowered the firm’s price target on Air Products to $315 from $335 and keeps an Equal Weight rating on the shares. When the firm previously downgraded Air Products at the start of the year, part of the reasoning was its view that there was peak level enthusiasm for the company’s multiple multi-billion dollar blue/green hydrogen projects and it now believes that the market is increasing its mega capex project discount rate. However, the firm thinks "this pendulum swing is more likely simply back to the center of a healthy bull/bear debate, rather than a full scale swing back" to the EBITDA multiple troughs seen in 2022.