UPDATE: J.P. Morgan Raises Praxair's PT

According to a research report published this morning, J.P. Morgan has increased Praxair's

PT from $104 to $114. In the report, J.P. Morgan commented, "Praxair has risen in value by about 6.5% this year versus about 10.5% for the overall market. The chemical companies in general have been far better performers than this reliable leader in industrial gases because there has been room for earnings multiple expansions to complement good overall profit growth. We view Praxair's share price performance as limited by its high valuation. We view PX as a more defensive issue in a down market." J.P. Morgan maintains its Neutral rating on Praxair, which is currently trading at $114.03.