Earnings Performance: Linde's third-quarter revenue rose 3% to $8.62 billion, surpassing estimates, while adjusted earnings per share increased nearly 7% to $4.21, also exceeding expectations. However, cash flow fell short of consensus, leading to a 2% drop in shares.
Guidance and Outlook: The company provided cautious fourth-quarter guidance for adjusted EPS between $4.10 and $4.20, below analyst estimates, and tightened its full-year earnings forecast to $16.35 to $16.45 per share, indicating 5% to 6% annual growth.
Market Position and Backlog: Linde maintains a strong market position with a diverse customer base across various industries, and it reported a record-high project backlog of $10 billion, which is expected to support future earnings growth.
Regional Sales Performance: Sales increased across various segments, with notable growth in the Americas (6% year-over-year) and stable performance in Asia Pacific and Europe, although engineering sales fell 15% year-over-year.
Wall Street analysts forecast LIN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for LIN is 499.07 USD with a low forecast of 455.00 USD and a high forecast of 540.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
17 Analyst Rating
Wall Street analysts forecast LIN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for LIN is 499.07 USD with a low forecast of 455.00 USD and a high forecast of 540.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
15 Buy
2 Hold
0 Sell
Strong Buy
Current: 445.640
Low
455.00
Averages
499.07
High
540.00
Current: 445.640
Low
455.00
Averages
499.07
High
540.00
Citi
Buy
upgrade
$520 -> $540
2026-01-21
New
Reason
Citi
Price Target
$520 -> $540
AI Analysis
2026-01-21
New
upgrade
Buy
Reason
Citi raised the firm's price target on Linde to $540 from $520 and keeps a Buy rating on the shares. The firm adjusted targets in the specialty chemicals group as part of a Q4 preview. Citi sees a better currency and sales environment for the sector, but with the potential for "fresh tariff risks."
RBC Capital
Arun Viswanathan
Outperform -> Outperform
downgrade
$540 -> $490
2025-12-12
Reason
RBC Capital
Arun Viswanathan
Price Target
$540 -> $490
2025-12-12
downgrade
Outperform -> Outperform
Reason
RBC Capital analyst Arun Viswanathan lowered the firm's price target on Linde to $490 from $540 but keeps an Outperform rating on the shares after attending the company's annual investor event. CEO Lambda hinted at his new Growth6 strategy, which may provide a needed third non-macro dependent element to ensure double-digit EPS growth, especially if European de-industrialization continues, global trade restrictions persist and the consumer remains pressured by declining affordability, the analyst tells investors in a research note. RBC adds that continued weak IP, with negative Europe, flattish Americas, and low-mid single digit Asia growth in 2026, could result in a 1%-3% EPS drag from volume headwinds.
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Citi
upgrade
2025-12-12
Reason
Citi
Price Target
2025-12-12
upgrade
Reason
Citi named Linde a new top pick in the sector following the company's investor meeting. The recent pullback in the shares is overdone as investors underappreciate Linde's "high-quality" project backlog and its cyclical leverage to a rebound in industrial production, the analyst tells investors in a research note.
Mizuho
Outperform -> NULL
downgrade
$520 -> $495
2025-12-11
Reason
Mizuho
Price Target
$520 -> $495
2025-12-11
downgrade
Outperform -> NULL
Reason
Mizuho lowered the firm's price target on Linde to $495 from $520 and keeps an Outperform rating on the shares after the company's CEO, CFO and COO hosted sessions for the sell-side and selected investors. The company reiterated 4-6% each, or 8-12% combined, trendline EPS growth from price/productivity and capital allocation, notes the analyst, who lowers the firm's target on lower market and peer multiples.
About LIN
Linde plc is a United Kingdom-based industrial gases and engineering company. The Company’s segments include Americas, EMEA, APAC and Engineering. The Company’s primary products in its industrial gases business consists of atmospheric gases, such as oxygen, nitrogen, argon, and rare gases and process gases, including hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, and acetylene, among others. It also designs and builds equipment that produces industrial gases and offers customers a range of gas production and processing services, such as olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants and other types of plants. It serves a diverse group of industries including healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics. Its Engineering business designs and manufactures equipment for air separation and other industrial gas applications specifically for end customers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
