In a report published on Wednesday, J.P. Morgan analyst Jeffrey J. Zekauskas upgraded Praxair PX from Neutral to Overweight and raised the price target on the company from $118 to $133.
In the report, J.P. Morgan stated, "Praxair has four hydrogen projects that are now operating or near to coming on stream: Port Arthur, Valero 150M scfd, which started up in June; Indian Oil Corp., Paradip, India 90M scfd, which started up this quarter; Valero, St.Charles, Louisiana 120M scfd that is to start up in July; and Motiva, St. Charles 50M scfd, which is also to start up in July. The effects of these start-ups, combined with smaller projects and an easy year-ago revenue comparison, are likely to begin a period of acceleration in revenue and EPS growth for Praxair. We note, however, that Praxair is likely to face continued currency headwinds this quarter and next from the downward drift in the value of the Brazilian Real and the Mexican Peso."
Praxair closed on Tuesday at $114.07.
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