Jefferies Reiterates Buy on Praxair

Jefferies is out with its report today on Praxair PX, reiterating Buy. In a note to clients, Jefferies writes, "Praxair's recent announcement of two HyCO projects for Valero could add, by our estimates, $0.07-$0.08 to 2013E EPS, and likely almost double the value of HyCO projects in Praxair's backlog. We reiterate our Buy rating ahead of Praxair's June 22 investor meeting." Jefferies maintains a $122 PT on PX. Shares of PX closed Friday at $100.02, down 1.60% from Thursday's close.