Piper Jaffray Reports Praxair Moving To Neutral

In a report published by Piper Jaffray, Praxair PX is moving to Neutral on valuation. Piper Jaffray said that it is moving the rating on Praxair to Neutral from Overweight as it believes the current valuation fully reflects the strong global industrial outlook, and at this time it struggles to identify the catalyst to move the stock materially higher . “We continue to view Praxair as a key holding for exposure to the growth in global industrial activity, but would use a pullback in share prices before adding to a position. New project quoting and wins provide Praxair with better-than-average outlook, which we believe is also factored into the current share price. Our new estimates reflect solid 1Q performance along with the continued share buyback through 2Q12 to drive our new $106 PT. ” Praxair closed yesterday at $106.10.