Air Products and Chemicals dips after BofA cuts to 'underperform'

Industrial gases maker Air Products and Chemicals' APD.N shares down 1.3% to $269.17

BofA Global Research cuts rating on company's shares to "underperform" from "neutral"

BofA says ADP's clean hydrogen platform faces increased risks from U.S. President Donald Trump's tariffs and modifications to climate change programs

Brokerage adds that target market Europe is likely to delay clean hydrogen initiative

BofA lowers its estimates for company's FY EPS to $12.65 from $12.85, citing slower growth in energy, chemicals, metals and manufacturing; cuts price objective to $282 from $330

While the Alberta project expected to start late-2025 is likely to be delayed, it has best potential to secure long-term offtakes and provide support for shares - BofA

Median PT $335, 15 of 25 analysts covering stock have a "buy" or "strong buy" rating, 9 "hold" and 1 "sell" - LSEG

Including session's moves, APD down 7.6% YTD