UPDATE: Jefferies Raises Target to $26 on US Physical Therapy
Jefferies increases its price target $2 to $26 on Buy-rated US Physical Therapy (NASDAQ: USPH) on organic growth outlook.
Jefferies says, "We were very encouraged by USPH's first positive organic volume growth quarter since 3Q08 and believe that the company's volume growth momentum, coupled with its favorable reimbursement outlook and likely upside from unannounced acquisitions, will drive good stock performance this year. Given its growth trajectory and current outpatient PT sector valuations, we continue to believe that USPH is grossly undervalued at 13x FY12 P/E."
USPH closed at $19.81 a share on Monday.
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