Air Liquide upgraded to Buy from Underperform at Jefferies

Jefferies upgraded Air Liquide (AIQUY) to Buy from Underperform with a price target of EUR 190, up from EUR 151. The firm approaches 2025 in European chemicals with some subsector view changes. It is more constructive on diversified chemicals versus the cyclicals on improved volumes and spreads. The analyst also favors industrial gases versus consumer on improving relative growth and pricing power. Jefferies also expects the agriculture end markets to extend their challenging outlook.