BMO Capital analyst John McNulty raised his price target on Air Products to $275 and kept his Outperform rating after its Q1 earnings beat and affirmed FY20 guidance, saying that in spite of a tough macro backdrop, the company is seeing "solid" pricing gains across its geographies. The analyst notes that the management's outlook also reflects its typically "conservative" approach, adding that Air Products' "anemic" debt levels give the company significant balance sheet flexibility to generate value through large-scale syngas projects.

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.