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Investing.com - Bernstein has reiterated an Outperform rating on Air Liquide SA (EPA:AI) with a price target of EUR199.00, maintaining its positive stance on the industrial gas sector. The ADR (AIQUY) currently trades at $38.27, with analysts setting a high target of $49, suggesting potential upside of 23% according to InvestingPro data. Despite strong YTD returns of 20.24%, InvestingPro analysis indicates the stock is slightly overvalued at current levels.
The firm expressed optimism about accelerating growth for gas companies in 2026 and beyond, citing strong secular drivers that support long-term performance for the sector’s major players.
Bernstein views the current market conditions as a potential entry point for investors with longer time horizons, noting these businesses "have a real right to make money" despite uncertainty about the exact timing of industrial production recovery.
While maintaining its positive outlook on Air Liquide, Bernstein indicated a slight preference for competitor Linde, suggesting it has approximately 10 basis points higher growth potential compared to Air Liquide.
The firm also noted that Linde’s valuation currently presents "a clearer entry point, on both a relative and absolute level" for investors considering positions in the industrial gas sector.
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