24 March 2009 11:58 [Source: ICIS news]
Linde’s shares were down over 2% on Monday’s close after Merrill Lynch downgraded the stock to "underperform" from "neutral" and lowered its price target to €51 from €59.
At 11:00 GMT, Linde’s shares were trading at €52.59.
Last week Linde reported a 25% year-on-year decline in its 2008 net profits to €717m ($977m) in line with its profit guidance released earlier in the month, as the economic downturn took a toll on its businesses.
The company was cautious in its earnings prospects for 2009, saying either a gain or a drop in earnings was possible in 2009.
($1 = €0.73)
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