UPDATE: Jefferies Raises PT on Ryder System to $64 (R)

Jefferies is out with its report today on Ryder System (NYSE: R), raising its PT from $58 to $64.

In a note to clients, Jefferies writes, "Our upwardly revised year-end 2011e target price of $64/sh is based on an unchanged yearend 2011e target P/E of 17.0x our upwardly revised 2012e estimate. Our target P/E in-line with the stock's historical norm."

At the time of posting, shares of R were trading at $53.51, up 1.04% from Tuesday's close.