Praxair, Inc. got downgraded

Praxair, Inc. (NYSE:PX) received a stock rating downgrade from Deutsche Bank on Apr-04-16. In a note to investors, the firm issued a Hold rating and lowered the target price on the stock from $114 to $120. The analysts previously had a Buy rating on the stock.

The 52-week price range is $94.91-$121.72 and the company has a market capitalization of $32.73 billion. Analysts covering the shares maintain a consensus Buy rating, according to Zacks Investment Research. Zero analyst has rated the stock with a sell rating, 7 has assigned a hold rating, 2 says it’s a buy, and 5 have assigned a strong buy rating to the company.

Praxair, Inc. (PX) on January 29, 2016 reported fourth-quarter net income and diluted earnings per share of $422 million and $1.47, respectively.

Sales in the fourth quarter were $2,595 million, 13% below the prior-year quarter, primarily due to the impacts of negative currency translation and lower cost pass-through, which reduced sales by 10% and 2%, respectively. Underlying sales were 1% below the prior-year quarter as growth from higher price, new project start-ups and acquisitions was offset by lower volumes due to weaker industrial activity in Brazil and China and in the metals and manufacturing end-markets in North America.

Operating profit in the fourth quarter was $624 million and, excluding currency translation effects, grew 5% above the prior-year quarter. Operating profit as a percentage of sales grew to 24.0% and the EBITDA margin grew to 35.1%.

Fourth-quarter operating cash flow of $791 million funded $387 million of capital expenditures and $204 million of dividends.

For the full year of 2015, reported net income was $1,547 million and diluted earnings per share were $5.35. On an adjusted basis, full-year net income was $1,677 million and diluted earnings per share were $5.80.

Full-year sales were $10,776, 12% below 2014 due to the impacts of negative currency translation and lower cost pass-through, primarily natural gas. Underlying sales were comparable to the prior year as growth from positive price, new project start-ups and acquisitions was offset by lower base volumes in Brazil and China due to weaker underlying industrial activity and in the North American metals, upstream energy and manufacturing end-markets. Reported operating profit was $2,321 million. Adjusted operating profit of $2,493 million was 1% above 2014, excluding negative currency translation.

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