Air Liquide shares were among the biggest risers on the CAC 40 index on Monday, after JPMorgan raised its recommendation on the stock.

At around 1:45 pm, the industrial gases manufacturer's shares were up 1.4%, compared with a 0.2% gain for the Paris index at the same time.

This morning, JPMorgan raised its recommendation on the stock to 'Overweight' from 'Neutral', with a price target raised from €161 to €195.

'In view of the uncertainty surrounding the economic outlook for 2025, Air Liquide's solid defensive growth characteristics, which stand at 10%/13%/12% respectively for 2025/26/27, stand out in our view', explains the broker.

JPMorgan also believes that the market is underestimating the margin-enhancing potential of cost-cutting measures, which it believes could include job cuts.

Combined with increased investment and recent contract wins, these measures could accelerate sales growth, it continues, and even narrow the margin gap with its main competitor, Linde.

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