UPDATE: Stifel Nicolaus Raises PT on Landstar System to $56

Stifel Nicolaus is out with its report today on Landstar System (NASDAQ: LSTR), raising its PT from $53 to $56.

In its report, Stifel Nicolaus writes, "We are, leaving our EPS estimates unchanged at $2.32, $2.67, and $3.10 for 2011, 2012, and 2013, respectively. We are more confident in these estimates subsequent to our meeting with management and are accordingly adjusting our 12-month target price from $53 (17x our 2013 EPS estimate of $3.10) to $56 or (18x our 2013 EPS estimate of $3.10)."

Shares of LSTR closed Wednesday at $44.08.