LIN: Defensive Profile And Buybacks Will Support Shares Into 2026

Linde's analyst price target has been trimmed modestly, falling from about $505.61 to $502.88 as analysts weigh the stock's defensive growth profile, slightly lower fair value multiple assumptions, and a challenging near term macro backdrop against expectations for earnings growth acceleration in 2026.

Analyst Commentary

Recent research updates present a mixed but generally constructive view on Linde, with analysts balancing its defensive growth profile against persistent macro and volume headwinds across key end markets.

Bullish Takeaways

• Bullish analysts highlight Linde as a defensive growth stock with attractive risk and reward, citing an expected acceleration in earnings growth in 2026 as a key catalyst for multiple expansion.
• Upgrades to Buy, even when accompanied by modestly lower price targets, underscore confidence that current valuation (including trading at a discount to its historical average multiple) does not fully reflect the long term growth outlook.
• Price target increases tied to upcoming earnings previews suggest that, despite macro noise, execution on projects and cost discipline is expected to support steady earnings delivery.
• Supportive ratings and targets in the low to mid $500 range indicate that many on the Street still see upside from current levels as the cycle normalizes and volumes recover.

Bearish Takeaways

• Bearish analysts point to a challenging macro backdrop and underperforming volumes across end markets, which could limit near term operating leverage and weigh on valuation multiples.
• Incremental trims to price targets, even from generally positive research, signal concerns that prior fair value assumptions may have been too optimistic given slower demand and higher uncertainty.
• The removal from a high conviction ideas list reflects a view that, while the story remains fundamentally sound, Linde may no longer offer the strongest relative upside versus other large cap industrial or specialty chemicals peers.
• Neutral stances paired with only modest target reductions suggest that some investors may need clearer evidence of volume inflection or project driven growth before re rating the stock higher.

What's in the News

• Linde completed a major tranche of its ongoing share repurchase program, buying back 2,094,000 shares, or 0.45% of shares outstanding, for $992.58 million in Q3 2025. This brings total repurchases under the October 23, 2023 authorization to 13,890,424 shares, or 2.93%, for $6,298.96 million (Key Developments).
• The company started up a new air separation unit to supply liquid oxygen, nitrogen and argon to customers across eastern Tennessee, northern Alabama and Georgia. This expands its industrial gas footprint along the I 75 corridor and supports growth across multiple end markets (Key Developments).

Valuation Changes

• Fair Value: Trimmed slightly from about $505.61 to approximately $502.88, reflecting a modest downward adjustment in intrinsic value assumptions.
• Discount Rate: Eased marginally from roughly 8.04% to about 8.03%, indicating a very small reduction in perceived risk or required return.
• Revenue Growth: Raised slightly from around 5.53% to approximately 5.59%, signaling a modestly more optimistic long term growth outlook.
• Net Profit Margin: Edged down from about 23.91% to roughly 23.86%, pointing to a very small expected compression in profitability.
• Future P/E: Lowered modestly from roughly 30.41x to about 30.25x, suggesting a slightly more conservative multiple for Linde's forward earnings.