BMO Capital analyst John McNulty raised his price target on Linde plc to $230, kept his Outperform rating, and also lifted his expected FY20 EPS view by 8c to $8.10 after meeting with its CEO and CFO, saying the discussions have supported his confidence in the stock being a "core holding" for investors. The analyst notes that the company continues to drive a pricing cycle which he expects to last "at least the next few years". McNulty also sees the management improving Linde's efficiency and synergies while anticipating a better long-term environment for investments in tonnage.