UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Praxair

In a report published Friday, Jefferies & Company reiterated its Buy rating on Praxair (NYSE: PX), and raised its price target from $120.00 to $134.00.

Jefferies noted, “With 1H13 likely to be off to a slow start, particularly in South America and Europe, we are trimming 2013E $0.25 to $6.20. With strong bidding activity supporting 4%-6% growth from new projects alone through 2015E, we reiterate our Buy rating. To reflect market multiple expansion, we are raising our target $14 to $134.”

Praxair closed on Thursday at $114.18.