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Air Products Could Cancel Darrow Investment Unless Yara Agrees to Higher Costs, RBC Says

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Air Products and Chemicals' (APD) final investment decision on its Darrow project in Louisiana is approaching in mid-2026, and management might consider cancelling it unless its partner Yara International is on board with higher costs, RBC Capital Markets said Monday in a note.

The company's helium supply chain remains robust due to multiple sources and long-term partnerships, a storage cavern, and a container fleet that can bypass conflict-affected areas in the Middle East, according to the note.

Its other wins include supplying Samsung's new semiconductor fab in South Korea, a new air separation unit in Florida to support NASA and other space customers, and $1 billion of other air separation unit and hydrogen projects in Asia for semiconductor and memory customers, the brokerage said.

RBC raised fiscal Q3, fiscal 2026, and fiscal 2027 earnings per share estimates to $3.30, $13.10, and $14.05 from $3.26, $13, and $13.95, respectively.

RBC maintained an outperform rating on Air Products and Chemicals and raised the price target to $341 from $338.

Price: $301.29, Change: $+2.94, Percent Change: +0.99%

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