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Linde: BarCap remains 'overweight'

(CercleFinance.com) - Barclays Capital said on Tuesday that it remained positive on the shares of German industrial gas company Linde with just one month left before its merger with Praxair is required to close, with the broker maintaining its "overweight" rating on the stock.


In the merger scenario, the shares are worth over 240 euros at the end of 2020, the broker says, but BarCap believes that they could reach this price sooner.

However, Barclays also says that risk/reward has become "more balanced" lately.

In a no-deal scenario, it sees Linde's stand-alone fair value at 190 euros.

"While the shares may initially drop further, downside should be limited by: (1) favourable fundamentals, (2) valuation and (3) the potential for the deal to restart," BarCap adds.

Shares in Lince are currently trading at 207.9 euros, down 0.2%, just underperforming the DAX 30 index, which is down 0.1%.

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