UPDATE: BMO Capital Markets Reiterates Outperform Rating, Lowers PT on CARBO Ceramics

In a report published Friday, BMO Capital Markets reiterated its Outperform rating on CARBO Ceramics

, but lowered its price target from $110.00 to $85.00. BMO Capital noted, “We believe that CARBO's shares are attractively valued at 14x 2013E EPS, well below the company's historical trading range. While cognizant of the near-term challenges, we believe CARBO's longer-term outlook is positive driven by continued frac-intensity increases in N.A. and international growth, which are not adequately reflected in the current valuation, in our view.” CARBO Ceramics closed on Thursday at $71.74.