Air Products price target lowered to $360 from $386 at BMO Capital

BMO Capital analyst John McNulty lowered the firm’s price target on Air Products to $360 from $386 and keeps an Outperform rating on the shares. The company confirmed they have pulled out of their Indonesian coal gasification project to focus their capital on opportunities in the U.S. in the second half of this year, the analyst tells investors in a research note. The firm adds however that while investors will be mixed on the news as it is raises more questions about Air Products’ ability to deliver on projects in the pipeline, the redeployment of capital to higher return, lower risk, ESG friendly projects will be viewed positively.