** Berenberg cuts price target on industrial gas company Air Products APD to $275 from $320
** Shares of APD fall marginally during premarket trading
** The new price target represents a 7.2% upside to the stock’s last close
** Brokerage says that recent freezing of Exxon’s Baytown clean hydrogen project suggests that Louisiana blue hydrogen project may end with divestment of carbon sequestration and ammonia production assets
** Brokerage expects weaker economics and higher cancellation risk on the Louisiana blue ammonia project, and a more uncertain contribution from project NEOM
** “The alternative –that Air Products sells commodity ammonia potentially even without a carbon capture premium – is simply not attractive, in our view,” brokerage says
** 16 of 25 brokerages rate the stock “buy” or higher, eight “hold” and one “sell” or lower; median PT is $312.67- data compiled be LSEG
** Up to last close, stock down 11.5% YTD
