UPDATE: BMO Capital Raises PT on Magna International on Q4/12 Diluted Earnings

In a report published Monday, BMO Capital Markets reiterated its Outperform rating on Magna International

, and raised its price target from $61.00 to $65.00. BMO Capital Markets noted, “On March 1, 2013, before the market opened, Magna reported Q4/12 diluted earnings before unusual items of $1.29 per share versus Q4/11 earnings on the same basis of $1.13 per share...After normalizing for an unusually low adjusted tax rate, we calculate normalized earnings were $1.24 per share, in excess of our estimate of $1.08 per share and the Mean of $1.14–1.16. Relative to our estimates, the earnings beat was primarily the result of operating earnings well above our estimate in North America.” Magna International closed on Friday at $55.51.