Air Liquide, FR0000120073

Air Liquide stock draws a EUR 205 target as margins improve

Published on 09/25/2026 at 13:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Air Liquide stock traded at EUR 167.36 on September 25, 2026, while its market value reached EUR 106.42 billion. H1 comparable growth was 2.6 percent and recurring operating margin expanded 110 basis points.

Luftbild einer Industriegasanlage mit kryogenen Tanks bei Abenddämmerung — Air Liquide S.A. betreibt Industriegase-Anlagen mit riesigen kryogenen Tanks weltweit, ISIN FR0000120073, Illustration mit AI erstellt.

Air Liquide stock (ISIN FR0000120073) was trading at EUR 167.36 on Euronext Paris on September 25, 2026, down 0.45 percent from EUR 168.12. The market capitalization stood at EUR 106.42 billion, giving investors a live reference before the group's next strategic milestone.

Kepler keeps EUR 205 target

According to Ideal Investisseur on September 24, 2026, Kepler Cheuvreux maintained a Buy rating and a EUR 205 price target. That target is EUR 37.64 above the September 25 price, or 22.5 percent higher, making the valuation gap the clearest numerical feature of the latest analyst update.

Deutsche Bank also raised its target from EUR 190 to EUR 192 on September 23, 2026, while keeping its Buy rating, according to MarketScreener. The two revisions point to a market debate centered on execution and margin delivery rather than a change in Air Liquide's industrial model.

Margin gains meet activist pressure

Air Liquide's second-quarter 2026 performance provided operating support for that debate. The earnings-call transcript reported by Yahoo Finance showed comparable sales growth of 3.5 percent in Q2, up from 1.9 percent in Q1, while first-half comparable growth reached 2.6 percent. Recurring operating margin improved by 110 basis points in the first half of 2026.

That improvement is important because Reuters reported on September 3, 2026, that activist investor Elliott Management had built a stake and was pressing for better margins. Air Liquide is targeting a further 100 basis points of margin improvement in 2026 and another 100 basis points in 2027.

October 5 sets the next test

Air Liquide has scheduled a capital markets day for October 5, 2026, according to MarketScreener. The event places the EUR 205 Kepler target against a concrete checkpoint: whether management can translate the 110-basis-point first-half improvement into the stated 2026 and 2027 trajectory.

Stock stays below yearly high

Air Liquide stock was trading at EUR 167.36 on Euronext Paris on September 25, 2026. The 52-week range was EUR 140.78 to EUR 182.26, leaving the price 8.17 percent below the yearly high.