Bernstein SocGen Group has reiterated an Outperform rating on Linde (NASDAQ:LIN) and maintained a $537.00 price target following the company’s latest financial results that extended an established pattern of earnings outperformance. The firm highlighted Linde’s 28th consecutive quarter of adjusted earnings-per-share (EPS) beats as a central reason for the call.
Shares of Linde were trading at $485.28 at the time the firm’s note was recorded. InvestingPro analysis characterizes the stock as slightly overvalued at that level, while published analyst targets for Linde range from $381 to $565.
The company’s outlook for the first quarter of 2026 came in a touch above expectations, according to Bernstein SocGen’s note. The firm also reiterated its 2026 adjusted EPS estimate of $17.89, which sits near the top end of Linde’s guidance range of $17.40 to $17.90. Bernstein SocGen described upside risk to both estimates and guidance as largely independent of macroeconomic conditions.
InvestingPro data show Linde trading at a price-to-earnings (P/E) ratio of 33.12. That measure aligns with ProTip observations that the company carries a relatively high earnings multiple compared with its growth profile.
Bernstein SocGen called out growth opportunities in several end markets, specifically electronics, healthcare and space, as potential drivers for the company’s expansion. The research firm also pointed to internal cost and portfolio actions - including ongoing restructuring and a downsizing of European Engineering operations - as contributors to improved profitability.
Other operational and capital-allocation notes in the research included management’s active share repurchase activity and the company’s long-running record of raising dividends, with a 34-year dividend growth streak. Regionally, Linde’s Americas business remains the largest market and carries exposure to higher-operating-leverage segments such as bulk and cylinder gas operations.
On valuation and balance-sheet measures, Bernstein SocGen observed that Linde’s valuation trades close to historical averages. The company’s market capitalization stands at $225.7 billion, and InvestingPro assigns an overall financial health score of "GOOD." InvestingPro also reports a broad set of additional ProTips and metrics available with subscription access.
Separately, Linde’s most recent quarterly reporting showed fourth-quarter earnings and revenue that exceeded analyst projections. The company’s full-year 2026 guidance, however, fell short of analysts’ expectations.
Following those results, BMO Capital raised its price target on Linde from $501 to $507 while keeping an Outperform rating. BMO cited a strong backlog and pricing momentum as factors that could offset wider macroeconomic pressures and a slower-than-expected ramp on a particular project.
Takeaway: Bernstein SocGen’s reaffirmation rests on a sustained record of EPS beats, targeted growth areas, and actions to improve profitability, while market metrics point to a relatively rich valuation and a range of analyst views on fair value.