UPDATE: BMO Capital Markets Raises PT to $59 on Graco on Outlook Following Earnings Report

BMO Capital Markets reiterated its Market Perform rating on Graco

and raised the price target from $48.00 to $59.00. BMO Capital Markets noted, "Graco did not provide any formal 2013 guidance, but expects EMEA to grow low-single digits, Asia Pacific to grow single digits, and Americas to continue to be the best-performing region, with low-double-digit growth in Contractor, and mid-single-digit growth in both Lubrication and Industrial. A key source of Graco's strength is the housing construction recovery in the US, which should provide an overall positive trend for Contractor, with some likely quarterly choppiness." Graco closed at $58.02 on Tuesday.