Linde downgraded to Hold from Buy at Erste Group

Erste Group analyst Hans Engel downgraded Linde (LIN) to Hold from Buy. Linde is benefiting from its market position in a steadily growing market segment, and while the operating margin remains at a strongly above-average level, the environment has deteriorated following the U.S. elections, particularly in the U.S., the analyst tells investors in a research note. President-elect Donald Trump’s energy policy will put the focus back on traditional energy sources, which should slow down sales growth in important Linde segments, the firm adds.