New York, Feb 10, 2026, 13:10 EST — Regular session
- Linde climbed roughly 1.6% by midday, with Air Products shares moving higher as well.
- John McNulty at BMO bumped his Linde price target up to $507, sticking with his Outperform call.
- DZ Bank analyst Aristotelis Moutopoulos cut Linde to Hold, setting a $460 fair value on the stock.
Linde plc (LIN.O) climbed roughly 1.6% to $463.71 by midday Tuesday, holding firm even as analysts split on their outlooks. Air Products & Chemicals (APD.N), which operates in the same industrial gases space, advanced about 2%.
The industrial gases group is bumping up against the same old issue: pricing power, and what’s left of it if factory demand keeps wobbling. Linde’s in the spotlight here—its long-term supply deals usually blur the rough edges of the cycle, though that only works up to a point.
That’s relevant right now, with the stock trading at a premium multiple and investors showing little tolerance for growth that looks merely “good enough.” Even minor changes in analyst commentary about the project pipeline can jolt the shares for a session or two.
BMO Capital Markets’ John McNulty bumped up his Linde target to $507—previously $501—while maintaining his Outperform call. In his note, McNulty said Linde is “entering 2026 with a stronger backlog” and continues to benefit from pricing momentum, though he pointed out the OCI/Woodside project is moving forward more slowly. 1
Aristotelis Moutopoulos at DZ Bank cut his rating on Linde to Hold from Buy, sticking with a $460 fair value. He pointed out a lack of “strong” catalysts in the near term and flagged that return on capital may just move sideways over the coming years. 2
Analysts set price targets as guesses for where a stock might be in a year, not guarantees. Ratings like “Outperform” or “Hold” don’t lock anything in—they’re comparisons, not commitments—and they’re known to change quickly if the macro environment shifts.
Linde’s most recent quarterly report put its project backlog at $10.0 billion, and the company stuck with its guidance for 2026 adjusted EPS at $17.40 to $17.90. That backlog figure refers to contracts signed but still pending completion, a key metric for capital-intensive sectors where project timelines often shift.
But things can unravel. Projects kicking off later than planned, or industrial demand fading to the point where pricing alone can’t support growth, would make it tougher to pitch the “steady compounder” angle—and those premium multiples usually shrink fast in that kind of environment.
Linde’s upcoming appearances are drawing attention, with CFO Matt White and investor relations chief Juan Pelaez scheduled to speak at Citi’s 2026 Global Industrial Tech and Mobility Conference on Feb. 17, then at the Barclays 43rd Annual Industrial Select Conference a day later, according to the company’s event calendar. Investors are eyeing both events for signals on demand and project timelines. 3
