Stifel announced on Monday that it had lowered its recommendation on Air Liquide shares from 'buy' to 'hold', as part of a study of the European chemicals sector.

In its note, the financial intermediary explains that the outlook communicated for 2024 by groups in the sector is likely to prove 'cautious', and that it will only be worth picking up these stocks once these forecasts have been integrated into share prices.

While he favors stocks such as Kemira, Arkema, Evonik and Syensqo, the analyst believes that defensive stocks have more limited potential, which leads him to downgrade Air Liquide, Givaudan and Linde.

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