UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Universal Health Services on Solid 4Q Results

In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on Universal Health Services

, and raised its price target from $57.00 to $59.00. BMO Capital Markets noted, “Universal Health Services posted a $0.07 beat this quarter, as persistent strength in its behavioral business and moderate growth in its acute segment outpaced our consolidated expectations. Volumes posted moderate growth within the acute segment, which we believe were aided by flu. Meanwhile, volumes within the behavioral business were steady and in line with prior quarters. The company issued guidance for 2013 which included consensus. UHS is assuming the acute environment will stabilize during the year. We continue to favor the high level of behavioral exposure at Universal Health Services as well as company shares relative to the group; however, valuation keeps us at Market Perform. We await better clarity on the 2014 operating environment before lifting our target multiple beyond 7x, providing limited near-term upside.” Universal Health Services closed on Friday at $58.18.