In a report released today, Andreas Heine from Stifel Nicolaus maintained a Hold rating on Air Liquide (0NWF – Research Report), with a price target of €172.00.
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Andreas Heine has given his Hold rating due to a combination of factors impacting Air Liquide’s performance. The company’s Q1 report showed low growth in the Gases sector, with only a 1.8% increase, slightly above Stifel’s estimate of 1.5% and the consensus of 1.7%. This modest growth was supported by efficiency measures, which contributed significantly to earnings, but was offset by lower volumes in key segments like Industrial Merchant and Large Industries.
Despite some positive developments, such as a record investment backlog and strong growth in the Americas driven by pricing strategies, challenges remain. The EMEA region showed weak performance, and the Asia-Pacific region experienced low growth in Industrial Merchant due to deflationary pressures in China. Overall, while there are areas of strength, the combination of low growth and regional challenges justifies a Hold rating for Air Liquide.