Linde: Jefferies still buying but cuts TP
(CercleFinance.com) - Jefferies confirms its 'buy' rating on Linde shares, with a target price lowered from $550 to $522.
The analyst reports that in 2024 organic sales growth was around 3% below model forecasts, reflecting the persistent industrial slowdown.
Leading indicators suggest a recovery in volumes in 2025, offsetting a deceleration in prices, Jefferies says.
The broker anticipates downside risks for models in 2025 due to the slowdown in US non-residential construction and, particularly in H1, adjustments to automotive production schedules.
The outlook for electronics looks a little weaker than expected, lacking evidence of a sustained recovery in consumer electronics demand and given the automotive slowdown.
Metals are likely to remain weak, particularly in China, and the manufacturing sector is likely to be stable at best, the broker points out.
Copyright (c) 2025 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
The analyst reports that in 2024 organic sales growth was around 3% below model forecasts, reflecting the persistent industrial slowdown.
Leading indicators suggest a recovery in volumes in 2025, offsetting a deceleration in prices, Jefferies says.
The broker anticipates downside risks for models in 2025 due to the slowdown in US non-residential construction and, particularly in H1, adjustments to automotive production schedules.
The outlook for electronics looks a little weaker than expected, lacking evidence of a sustained recovery in consumer electronics demand and given the automotive slowdown.
Metals are likely to remain weak, particularly in China, and the manufacturing sector is likely to be stable at best, the broker points out.
Copyright (c) 2025 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.