UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Tenet Healthcare Corporation on 4Q12 Earnings Results

In a report published Wednesday, BMO Capital Markets reiterated its reiterated its Market Perform rating on Tenet Healthcare Corporation

, and raised its price target from $38.00 to $40.00. BMO Capital Markets noted, “Producing EBITDA growth and modest volume increases, Tenet continues to execute well enough to please the Street. Fourth quarter results included better-than-expected top line growth and continued focus on expense reduction (although expenses came in higher than our model). FY2013 EBITDA guidance remains unchanged. However, changes to expectations around D&A and share count pulled down the expected EPS range. Investor focus remains fixed on exchanges and the 2014 landscape. Tenet provided some early insight into pricing today by highlighting the inclusion of discounted commercial rates within three Blues contracts that will be applied to exchange plans. If the hospital industry can command these rates across the new distribution channel, it will likely aid EBITDA margins. It could also contribute to higher plan price points on the exchange.” Tenet Healthcare Corporation closed on Tuesday at $37.87.