UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on Spectra Energy

In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on Spectra Energy

, but slightly lowered its price target from $31.00 to $30.00. BMO Capital noted, “We're lowering our 2012 EPS to $1.50 on 3Q results and the continued weakness in Empress in particular. Our 2013 moves down to $1.70, which further assumes no incentive ROE kicker at its Canadian utility. While many of these pressures should abate by 2014, we are cautiously reducing our 2014 EPS to $1.90 until more visibility is gained on a rebased 2013 outlook.” Spectra Energy closed on Friday at $28.07.