Citigroup Inc. (NYSE:C) has increased its target price for Praxair, Inc. (NYSE:PX) Thursday, from $94 to $99.
Citigroup maintains a Buy rating on the gas supplier, and raised its 2010-2012 earnings estimates due to "continued broad-based volume improvement in Praxair's end markets, lower interest expense, and the recently announced share buyback program," wrote Citigroup's P.J. Juvekar.
"We have raised our target forward P/E and EV/EBITDA multiples due to the ongoing volume recovery and strong new project activity," the analyst continued.
SmarTrend is bullish on shares of Praxair and our subscribers were alerted to buy on July 12, 2010 at $81.25; the stock has risen 5.5% since the alert was issued.
Praxair is currently above its 50-day moving average (MA) of $79.38 and above its 200-day of $80.75.
In the last five trading sessions, the 50-day MA has climbed 0.73% while the 200-day MA has remained constant.
Shares of the company are trading down 0.60% Thursday afternoon at $85.76.