Berenberg Notes Air Liquide Q3 Sales Update, EUR4 Billion Share Buyback; Price Target Up

07:01 AM EDT, 10/30/2026 (MT Newswires) -- Berenberg raised its price target for Air Liquide (AI.PA), highlighting the French industrial gases company's third-quarter results and the "quick start" to its planned share repurchase program of up to 4 billion euros. "Air Liquide's Q3 sales update topped a good month for the shares, which have picked up since the 6 October capital markets day (CMD) nudged upwards both expectations of achievable margins and the speed of capital returns. Comparable sales growth of 3% was broadly in line with expectations. The growth was supported by 12% comparable sales growth in electronics that bodes well for hoped-for pick-up in group volumes from 2027 given the weighting of backlog towards electronics. We believe shares are a good compounder with them being insulated, though not entirely immune, from uncertainty around chemicals demand and price-cost spreads as we approach 2027," the research firm said Friday. Analysts noted that it was "refreshing" to see the company initiate its first "major" share buyback in memory, announcing the first 1 billion-euro portion of its 4 billion-euro plan during the third-quarter 2026 earnings. While fulfilling shareholder wishes, Berenberg sees the swift execution as a possible "precautionary measure" to get ahead of potential tax policy changes for buybacks after France's 2027 presidential election. Against this backdrop, the research firm raised the buy-rated stock's price target to 210 euros from 205 euros. Meanwhile, Berenberg lifted its full-year 2027 to 2028 EPS estimates by 2% and 5%, respectively, factoring in "more favorable" currency effects, cost savings, and the rapid deployment of the share repurchase program.