Jefferies Reiterates Buy on Praxair

Jefferies is out with its report today on Praxair (NYSE: 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.