UPDATE: Jefferies Upgrades Expeditors International of Washington to Buy

Jefferies raises its rating on Expeditors International of Washington EXPD to Buy from Hold and increases its price target to $53 from $45 as primary revenue drivers for the company appear poised for recovery. Jefferies says, "We upgraded EXPD to Buy with 25% potential upside. Asian airfreight demand is the primary driver of EXPD's gross revenue, EPS, and valuation. Such demand appears to be nearing a bottom after an 18-month slide, which we believe drove 25pp of underperformance in 2011. Valuation has only been this low immediately after 9/11 and at the height of the post-Lehman financial crisis." EXPD closed at $42.48 a share yesterday.