Air Liquide's fourth-quarter results are "encouraging," UBS analysts say, but not enough to make the case for the company's outperformance compared with the gases industry as a whole. In the quarter, Air Liquide's organic growth in gases was 6% when adjusted for one-offs in the equivalent period of 2016, UBS says, which isn't sufficient to "stake a claim for industry outperformance" given that U.S. competitors Air Products and Praxair both had higher organic growth. UBS increases its price target for Air Liquide stock to EUR109 from EUR108 and keeps its neutral rating. (sonia.amaralrohter@dowjones.com)

(END) Dow Jones Newswires

February 19, 2018 06:17 ET (11:17 GMT)

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