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 $24 to $26. In the report, Jefferies commented, “While we reduced our EPS estimates, we are raising out PT given our belief that the multiple discount on USPH shares resulting from weak volume trends will dissipate as the company rebuilds its track record of positive SSS revenue growth. Also contributing to our expectation for multiple expansion are USPH's favorable reimbursement outlook and our view that its valuation will creep up closer to the current transaction multiple range for private outpatient PT providers.” Jefferies maintains its Buy rating on U.S. Physical Therapy, which closed yesterday at $19.81.