Linde: AlphaValue upgrades from 'sell' to 'reduce'

(CercleFinance.com) - AlphaValue has upgraded Linde from "sell" to "reduce," citing more optimistic long-term forecasts for the industrial-gas giant.


The Paris-based research house said it has raised its target price for the stock from 170 euros to 213 euros, as it expects higher long-term margins and, secondly, applies an increased premium to peers (from 30% to 50%) to account for the "stable" and "very visible businesses" the group is involved in.

With the merger with US rival Praxair now behind it, management can actually focus on existing operations, AlphaValue said in a note to clients.

However, the independant research house highlighted an "incredibly high valuation" for a "rather stable business."

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