As previously reported, Citi upgraded Linde (LIN) to Buy from Neutral with a price target of $535, up from $500. The company is seeing continued success with project execution and underlying price and productivity, says the analyst, who also points to high-quality project backlogs with near-term opportunities and recent success on longer-dated clean hydrogen/ammonia as reasons to “get constructive” on Linde’s growth algorithm. The firm, which updated estimates ahead of Q2, is raising estimates for both Linde and Air Products (APD) on better forex and productivity.
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