An improving helium market could support further gains for Linde , according to JPMorgan. The bank upgraded the industrial gas supplier to overweight from neutral. Analyst Jeffrey Zekauskas’ new price target of $525, up from $455, implies that shares of Linde could add 7% from here. The analyst believes that Linde is better suited for current market conditions than many other materials companies. “Linde’s chemical customers in the United States are likely to increase operating rates in order to avail themselves of higher export prices,” he said. Zekauskas said the company could benefit from tightening helium markets after geopolitical tensions have stressed supply. Current helium supply and demand conditions have tightened since the commencement of the most recent Middle East conflict, as roughly one-third of the global helium market is currently produced in Qatar, he wrote. “Linde struggled with lower helium and rare gas prices in 2025, but the helium market has to a degree reversed because of the suspension of QatarEnergy LNG production given the Iran conflict and the closing of the Strait of Hormuz,” the analyst said. While the conflict has impacted the availability of ISO-tanks, specialized vessels that carry helium, Zekauskas pointed out that Linde has a large storage cavern for its helium inventories — specifically for roughly one half year of global demand. He added that there is also excess helium production capacity in Russia. “We believe that should the Iran conflict be resolved over the next two weeks, the current tightness would dissipate,” he added. Zekauskas also said that, to a degree, raw material inflation is passed through to Linde’s customer base through its various contracts. The company also has a history of increasing its prices at a faster rate in an inflationary market, versus a non-inflationary market, the analyst wrote. “We think there is room for its volume and price to accelerate, providing it with good defensive characteristics,” he said. “Linde was trading near $510 pre-conflict and we think that the shares are capable of retracing that arc.” LIN YTD mountain LIN in 2026 Shares of Linde have popped 15% this year. They are up 8% over the past 12 months.
