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PX is a top shelf franchise and should benefit from completion of the Linde merger.  That said, the shares have rallied significantly since our March black book, where we saw upside to around 150.  With the move up today, we’ll step away.  While it may be reasonable to expect additional upside, the initial valuation opportunity we flagged has compressed.  We continue to have APD as a Best Ideas long.  Feel free to reach out for either the PX or APD black books, or for our Industrial Gases EQM Model/Dataset.

Summary from March PX black book

PX | Removing As Best Ideas Long - px