Air Liquide: Stifel maintains buy rating, adjusts TP

(CercleFinance.com) - Stifel reinstates its "buy" rating on Air Liquide shares, while trimming its target price for them from 197 euros to 176 euros, with this cut largely reflecting the recent distribution of one new share for every 10 existing shares.


" Q2-22 should show solid comparable growth for Gases but below Q1-22 and predominantly price driven," the broker said, adding that Europe should see a decline in volumes.

Adding that "Energy cost inflation has hit the margin, which is even true for the comparable margin", Stifel believes that H1 operating profit could have increased by 12% year-on-year, of which around +7% due to FX factors.


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