Credit Suisse analyst Chris Parkinson raised his price target for Air Products to $200 from $188 as he updates his 2019/2020 EPS estimates to reflect a slightly more positive outlook in Asia, spot FX and Jazan/ ACWA project execution. The analyst reiterates an Outperform rating on the shares.

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.