Air Liquide shares are up again this morning by nearly 2.4%, following an 8.2% gain last Wednesday. The stock is up by around 11% over the week.

While maintaining its 'hold' recommendation on Air Liquide, Stifel has raised its target price from €188 to €194, in the wake of an EBIT assumption raised by 5% for 2024, implying growth of 7% compared with 2023.

Air Liquide aims to further increase its operating margin and recurring net income at constant exchange rates in 2024, and now forecasts a 3.2-point increase in its operating margin, double its initial ambition, over the duration of the ADVANCE plan.

The broker explains that it is raising its 2024 estimates by becoming 'more constructive on like-for-like growth and margin progression', but anticipates, 'after a strong rise in the share price in 2023, a more moderate trend in 2024'.

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