Air Liquide: Stifel still on hold - same TP

(CercleFinance.com) - Stifel maintains its 'Hold' recommendation on Air Liquide shares, maintaining its target price for them at E186.


For the analyst, the 100-bp margin increase (as high as in H1) comes as good news.

At +3.6% comparable gas growth in Q3 is in line with the analyst's expectations, noting that electronics is gaining ground in Asia and the US.

Cash flow was E1.6bn (+4% after adjustment for exchange rates), Stifel notes, which is pleased to see EPS growth forecasts after FX adjustments confirmed.


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