BMO Capital analyst John McNulty raised his price target on Air Products to $235 and kept his Outperform rating, also raising his FY20 EPS view to $9.35 from $9.23. The analyst contends that the industrial gas industry is in the "early throws of a pricing renaissance" amid capacity adds, inflationary, and consolidation. McNulty also believes that its sizable backlog of projects and an "upswing" in LNG activity should allow Air Products to generate double-digit earnings growth.

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.