UPDATE: UBS Upgrades Praxair Inc. (PX) to Buy

(Updated - February 1, 2016 8:13 AM EST)

UBS upgraded Praxair Inc. (NYSE: PX) from Neutral to Buy with a price target of $109.00.

Analyst John Roberts commented, "We see PX as one of the most defensive stocks in the chemicals space. The stock is down nearly 23% from its 52-week high on 3/2/15 – among the largest corrections in 20+ years aside from the financial crisis. PX is now trading in-line with the S&P after the recent pullback; we take the opportunity to upgrade to a buy."

The firm said several major new projects swing from start-up costs to EPS contribution in next 12-24 months. PX is also cutting 1,500 positions, largely in emerging markets. Share count also continues to decline 1-2% per year.

For an analyst ratings summary and ratings history on Praxair Inc. click here. For more ratings news on Praxair Inc. click here.

Shares of Praxair Inc. closed at $100.00 yesterday.

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