Deutsche downgrades Air Products on risk post COO resignation

Deutsche Bank downgraded Air Products to Hold from Buy with a price target of $280, down from $310. The analyst believes there is increased near-term earnings risk following the resignation of COO Samir Serhan. Air Products’ earnings performance has been inconsistent over the past year due in part to lower than expected economic growth in China, lower helium demand in electronics and elevated spending to support the company’s $15B energy transition backlog, the analyst tells investors in a research note. The firm reduced its “Street low” Q4 earnings estimate to reflect increased near-term risk.