Air Liquide downgraded to Hold from Buy at Stifel

Stifel analyst Andreas Heine downgraded Air Liquide to Hold from Buy with an unchanged price target of EUR 188. After two years of strong operating performance driven by pricing power and solid growth in healthcare and electronics, Stifel expects only moderate earnings growth in 2024, the analyst tells investors in a research note. The firm sees industrial gases as late cyclicals and prefers for 2024 companies benefiting from the modest recovery in the chemical sector.