Linde initiated with an Outperform at RBC Capital

RBC Capital analyst Arun Viswanathan initiated coverage of Linde (LIN) with an Outperform rating and $576 price target The firm sees continued price growth from the company’s “sticky” customer base, a “robust,” earnings accretive project backlog, and earnings stability that should aid in the stock’s multiple expansion. It believes Linde is on a path to maintain double-digit percent earnings growth with $7B of annual capital return and solid returns from growth capex.