UPDATE: Citi Raises Praxair's PT

According to a research report published this morning, Citi has increased Praxair's PX PT from $120 to $130. In the report, Citi said, "A better than expected 1Q12 EPS highlights PX's operational consistency, with steady volume growth of 4% and robust operating margins of 22%. Results in North America were particularly impressive as volumes were strong (+7%), compared to its major competitor APD which reported weaker volumes. New plant startups will increasingly support volumes & EPS growth, with new projects contributing $800mm of sales in 2013. We remain fans of PX's strong execution, and raise our TP to $130." Citi maintains its Buy rating on Praxair, which closed yesterday at $113.77.