Air Liquide is looking increasingly positive as a result of its growth profile becoming both stronger and more predictable, Bank of America analysts say in a research note. The French industrial-gases company's rapidly expanding electronics business is a key source of upside potential to its valuation, underestimated by the market, the analysts say. The division is expected to grow significantly faster than consensus forecasts and to become a much larger contributor to overall group growth over the coming years, they add. Bank of America raises its recommendation on the stock to buy from underperform on Air Liquide's improved mix toward higher-growth, contract-based semiconductor-related activities. The bank also raises its price target to 200 euros from 159 euros. Shares trade 1.4% higher at 175.68 euros. (nina.kienle@wsj.com)