Citi Reiterates Neutral Rating on Linde (LIN)
Citi analyst Pat Cunningham reiterated a Neutral rating and $480.00 price target on Linde (NASDAQ: LIN).
The analyst comments "LIN reported a beat on adj. EPS ($3.85 vs. our $3.80-E and $3.79 consensus) as operating margins expanded ~140 bps Y/Y, driven by the EMEA business which posted ~450bp Y/Y increase (~320bp Y/Y excluding cost pass-thru). All regions expanded margins Y/Y while consolidated sales increased 3% from price attainment as volume growth was flat. Organic sales growth Y/Y was led by Food & Bev (+8%), Electronics (+7%), Chemicals & Energy (+5%), and Manufacturing (+4%). Overall price/mix was up 3% Y/Y. Americas was the primary driver of the beat vs. our numbers (operating profit of $1,159mm vs. our $1,125mm) on higher sequential volumes across all end markets except Metals & Mining (~11% of segment sales) and continued price and productivity initiatives. 3Q24 EPS guide of $3.87 at midpoint below $3.95 consensus and FY24 EPS guide midpoint increases 5c to $15.50 ($15.48 consensus), +10c on the low end (now $15.40-15.60)."
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Shares of Linde closed at $454.00 yesterday.