UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on Universal Health Services on 1Q13 Operating EPS

In a report published Friday, Credit Suisse analyst Ralph Giacobbe reiterated an Outperform rating on Universal Health Services UHS, and raised the price target from $64.00 to $70.00. In the report, Giacobbe noted, “UHS reported 1Q13 operating EPS of $1.22, above consensus of $1.19. While the company posted soft volume and top line, we believe the results should be a welcome relief, as the magnitude of the weakness wasn't as great as feared, and mgmt was still able to effectively manage cost to generate a beat. We are optimistic on the opportunities from reform in 2014 and believe there is an under-appreciation of the potential lift on the behavioral business. We are raising our 2014 estimates and increasing our target price to $70 (from $64). UHS remains on the Credit Suisse Focus List.” Universal Health Services closed on Thursday at $62.51.