UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Eli Lilly & Co.

In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on Eli Lilly & Co. LLY, and raised its price target from $47.00 to $52.00. BMO Capital Markets noted, “Eli Lilly provided financial guidance for 2013 and reconfirmed its mid-term guidance through 2014. The company reiterated its expectation to reach 2014 revenues of at least $20Bn and net income of at least $3Bn (consensus was $19.6Bn and $2.9Bn, respectively, on January 4, 2013). In 4Q12, Lilly repurchased roughly 16.9MM ($819MM) shares and plans to complete the remaining $1.1Bn of its share buyback program in 2013.” Eli Lilly & Co. closed on Friday at $51.56.