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On Tuesday, TD Cowen adjusted its price target for Air Liquide (EPA:AIRP) SA (AI:FP) (OTC:AIQUY), increasing it to EUR200.00 from EUR195.00, while keeping a Buy rating on the stock. The revision follows Air Liquide’s first-quarter sales report, which showed a comparative growth of 1.7%, propelled by robust performance in the Americas and Asia due to heightened Healthcare and Electronics activity.
The company’s outlook remains stable, with Air Liquide experiencing minimal direct effects from tariffs. For the second quarter, the company anticipates that business activity in the Americas will align with the first quarter’s performance. The Large Industries segment is expected to be relatively flat, while the Industrial Merchant sector is predicted to maintain resilient gas volumes, despite a drop in hardgoods volumes.
In the United States, project activity continues to demonstrate strength, with no indications of a slowdown. Conversely, Europe’s market is projected to continue its soft performance, particularly in the Large Industries segment, which is facing challenges in the chemicals and steel sectors. Nevertheless, Industrial Merchant volumes in Europe have shown signs of stabilization.
In Asia, Air Liquide reported vigorous activity, especially in China, and maintains a cautiously optimistic stance regarding the future outlook. The company’s performance in these regions has contributed to the positive assessment by TD Cowen, leading to the raised price target.
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