Keybanc maintains Linde at Overweight, raises price target to $545 from $542

European chemical and industrial gas companies Syensqo, Linde, and Air Liquide reported strong third-quarter results, driven by AI chip demand. Syensqo expects 25% sales growth in semiconductors. Air Liquide and Linde are investing heavily in semiconductor-related projects, with Air Liquide acquiring DIG Airgas for 2.85 billion euros.

Citigroup maintained its Buy rating on Linde and increased its price target to $580 from $560, suggesting a 12.8% upside from the Oct 30 close of $514.24. Recent analyst notes on Linde have price targets ranging from $545 to $591.

Linde PLC (LIN) reported Q3 2026 record sales, profit, and EPS, but faced challenges in non-gas segments like Lincare, which reduced EPS growth by 2%. Q4 EPS guidance is $4.40-$4.50, a 3% sequential decline due to FX headwinds and seasonality. Europe and China markets remain weak. Management is evaluating strategic options for Lincare and expects no near-term recovery in Europe or China. Electronics growth is strong, supported by $2B in projects.

Linde plc reported Q3 2026 earnings, including a $425M restructuring charge. Lincare was moved to the Global Other segment. Chemicals and Energy grew 12%, Electronics 15%. Q4 EPS guidance is $4.40-$4.50. Management expects restructuring benefits by H2 2027 and Woodside ammonia project completion by H1 2027.

Linde (LIN) reported varied demand across regions and sectors in Q3, with electronics sales up 15% and chemicals/energy up 12%. U.S. packaged-gas growth remained in the low teens, while Europe saw flat market conditions. Linde's project backlog is near $8 billion, with the Woodside project expected to contribute financially in 2024. The company forecasted Q4 EPS of $4.40-$4.50, with full-year EPS at $17.82-$17.92.

Linde reported record Q3 revenue of $9.4B, up 9.2%, and adjusted EPS of $4.59, beating estimates. Shares fell 1% despite strong results due to light Q4 guidance. CEO addressed Lincare restructuring, taking a $425M charge. Sales grew in electronics, chemicals, and energy, with space propellant demand noted. Full-year EPS outlook raised to $17.87, in line with consensus. Linde maintains a $550 price target.