Linde shares drop 2% as Merill downgrades stock outlook

24 March 2009 11:58  [Source: ICIS news]

LONDON (ICIS news)--Shares in Linde dropped on Tuesday after the German industrial gases company’s outlook was downgraded by investment bank Merrill Lynch.

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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For more on Linde visit ICIS company intelligence

By: Mark Watts
+44 20 8652 3214

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