Praxair Rating Reiterated by Zacks (PX)
Praxair (NYSE:PX)‘s stock had its “neutral” rating restated by Zacks in a research note issued on Monday, American Banking News reports. They currently have a $127.00 price target on the stock. Zacks‘ price objective indicates a potential upside of 4.60% from the company’s current price.
Zacks‘ analyst wrote, “Praxair is among the leading industrial gas producers worldwide due to growing preferences among customers for the company’s world class technology, high quality products and gas supply services. The company’s intense focus on continuous expansion of its operating regions and addition of new customers to its existing sphere of businesses will help accelerate profit growth in the future. For 2013, strong growth is anticipated from chemicals, energy and emerging markets. However, accounting for the dilution due to pension settlement charge expected in the third quarter 2013, management reduced the high-end of its earnings guidance by $0.05. Sales guidance has been kept constant at $12 billion. Projects included in backlog are likely to start from this year through 2016. The company’s policy of returning values to shareholders through dividends, share buybacks, strategic acquisitions, joint ventures and long-term contracts are likely to bode well. Anticipating lack of share driving catalysts, we have maintained a Neutral recommendation on Praxair.”
Praxair (NYSE:PX) traded down 0.91% during mid-day trading on Monday, hitting $120.31. The stock had a trading volume of 253,612 shares. Praxair has a 52-week low of $102.79 and a 52-week high of $124.41. The stock’s 50-day moving average is $119.4 and its 200-day moving average is $116.2. The company has a market cap of $35.473 billion and a price-to-earnings ratio of 21.68.
Praxair (NYSE:PX) last announced its earnings results on Wednesday, July 24th. The company reported $1.49 earnings per share for the quarter, meeting the analysts’ consensus estimate of $1.49. The company had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $3.00 billion. During the same quarter in the prior year, the company posted $1.42 earnings per share. The company’s quarterly revenue was up 7.2% on a year-over-year basis.
Other equities research analysts have also recently issued reports about the stock. Analysts at Oppenheimer reiterated a “buy” rating on shares of Praxair in a research note to investors on Friday. They now have a $137.00 price target on the stock. Separately, analysts at Robert W. Baird raised their price target on shares of Praxair from $129.00 to $142.00 in a research note to investors on Friday. They now have an “outperform” rating on the stock. Six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Praxair currently has an average rating of “Buy” and a consensus price target of $131.42.
Praxair, Inc (NYSE:PX) is an industrial gases supplier.
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