Praxair shares rally after 3Q earnings beat Street

NEW YORK - Shares of Praxair Inc. jumped Wednesday after the industrial gas maker said its third-quarter profit rose 16 percent on a global sales boost.

The stock rose $4.21, or 7.3 percent, to $61.71.

The Danbury, Conn., company said it earned $355 million, or $1.11 per share, for the period, well above the $1.06 per share analysts polled by Thomson Reuters expected, on average.

Sales in North America, Europe, Asia and South America each rose more than 15 percent, Praxair said.

"We were impressed by the company's strong results despite tough market trends in both the U.S. and Europe beginning in September, underscoring its consistent execution of disciplined growth strategies and more resilient earnings proposition," Goldman Sachs analyst Robert Koort said in note to clients.

Praxair will likely continue to "meet or exceed" growth targets and outperform its sector despite the state of the global economy, he said.

Koort kept a "Neutral" rating and said his price target and estimates are under review.

Jefferies & Co. analyst Laurence Alexander kept a "Buy" rating after the results. His $74 price target implies he expects the stock to jump about 29 percent over Tuesday's $57.50 close.

In the past 52 weeks, the stock has traded between $50 and $99.74.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.