UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Circor International on Continued Restructuring

In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on Circor International CIR, and raised its price target from $39.00 to $45.00. BMO Capital Markets noted, “Circor reported 4Q12 EPS of $0.69, which includes $0.16 in special charges. Energy segment margins expanded 416 bp (or 253 bp above our estimate) driving the earnings beat owing to improved pricing, improved operating performance in Brazil, and large international projects. Management provided 1Q13 sales and EPS guidance of $199-$206 million and $0.43-$0.53, excluding $3.0-$3.7 million of pre-tax repositioning charges. We believe this generally lower-than-expected guidance is a result of lumpiness in the large international energy project business, a softer short cycle, and marginally weaker aerospace business.” Circor International closed on Thursday at $41.68.