Jefferies Cuts Price Target on Praxair (PX) As FX Headwinds Effect EPS
Jefferies maintained a Buy rating on Praxair Inc. (NYSE: PX), and cut the price target to $115.00 (from $126.00), following the company's 4Q earnings report. Jefferies believes that, with FX headwinds pushing EPS towards 2011 levels, PX's 2016 performance hindges on new project announcements.
Analyst Laurence Alexander commented, "With F/X and end-market weakness pushing EPS back to 2011 levels, we believe Praxair's relative performance in 2016 hinges on the cadence of new project announcements this summer (to support 2019-2020), a stabilization in the US $, and commitments on balance sheet flex. The risk/reward has deteriorated, but remains favorable into mid-2017."
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Shares of Praxair Inc. closed at $100.00 yesterday.