UPDATE: Jefferies Raises US Physical Therapy's PT

According to a research report published earlier today, Jefferies has increased U.S. Physical Therapy's

PT from $23 to $24. In the report, Jefferies commented, “We remain bullish on USPH given our belief that the company's volume outlook continues to improve and that physical therapy reimbursement remains stable. Given our expectation for good Q4 results and preliminary FY12 guidance, we believe that the recent pullback in USPH shares offers investors a good entry point into a very attractively valued stock. Reiterate Buy/PT to $24.” U.S. Physical Therapy closed yesterday at $18.88.