UPDATE: BMO Capital Markets Reiterates Outperform Rating, Lowers PT on CARBO Ceramics

In a report published Friday, BMO Capital Markets reiterated its Outperform rating on CARBO Ceramics

, but lowered its price target from $130.00 to $110.00. BMO Capital Markets noted, “At 10x 2013E EPS, CARBO's shares remain considerably below their historical valuation multiple of roughly 22x forward earnings. We note that this is the first q-o-q earnings growth realized by the company since Q3/11. While one quarter does not make a trend, we believe that despite management's cautious outlook for the back half of 2012, modest increases in volumes and solid operational performance from the Falcon business will provide an offset to pricing pressures.” CARBO Ceramics closed on Thursday at $68.48.