Air Liquide resumed with a Buy at Goldman Sachs

Goldman Sachs analyst Georgina Fraser resumed coverage of Air Liquide with a Buy rating and EUR 222 price target as part of a broader research note on European Chemicals. The 2023 destocking-driven sales pressure and margin contraction for much of the sector provides an easy comparable for EU Chemicals over the next 12 months, with the inflection being somewhat captured in the shares, the analyst tells investors in a research note. Air Liquide is one of the best-positioned stocks in the sector from a supply side perspective, which should ensure the longevity of the company’s pricing power in its Industrial Merchant business and a step-up in the pricing outlook for its Healthcare division, the firm added.