UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on The Chefs' Warehouse on Solid Execution

In a report published Friday, BMO Capital Markets reiterated its Outperform rating on The Chefs' Warehouse

, and raised its price target from $18.00 to $20.00. BMO Capital Markets noted, “CHEF reported 4Q12 EPS of $0.17, or $0.24 when adjusting for several one-time items. Adjusted EPS was in line with our $0.24 estimate, but above consensus of $0.22. Revenues and opex (ex. D&A) as a percentage of sales were better than expected, but were offset by weaker gross margins – leading to in-line EPS vs. our estimate.” The Chefs' Warehouse closed on Thursday at $16.72.