Noting that Air Products' stock has risen 31% over the past year, SunTrust believes that the stock can rise further, as it thinks the operational improvements already made by the company are "the tip of the iceberg." The firm thinks the shares can reach $175 and it reiterates a Buy rating.

Air Products intends to build a network of permanent, commercial-scale multi-modal hydrogen refueling stations stretching from Edmonton to Calgary, Alberta, Canada. The permanent, multi-modal hydrogen refueling stations will be equipped to serve heavy-duty vehicles, such as commercial and municipal trucks and buses, as well light-duty hydrogen fuel cell cars. The stations will be along the Queen Elizabeth II Highway that runs through Calgary and Edmonton, providing a fueling experience and speed that is similar to gasoline or diesel. This hydrogen infrastructure will help Western Canada reach a goal of 5,000 hydrogen or dual fuel vehicles on the road in five years.