Jefferies Reiterates Buy on Praxair

Jefferies is out with its report today on Praxair PX, reiterating Buy. In its report, Jefferies writes, "While risks to demand in the U.S. and Europe may keep Praxair shares rangebound in the near-term, another increase in the backlog (now $2.7bn vs. our forecast of $2.5bn) reinforces our view that a favorable capex cycle and high energy cost environment should move Praxair into the 'sweet spot' of its cycle in 2012-2013. We reiterate our Buy rating." Jefferies maintains a $122 PT on PX. Shares of PX closed Friday at $103.64.