UPDATE: Jefferies Raises PT on Norfolk Southern to $78 (NSC)

Jefferies is out with its report today on Norfolk Southern NSC, raising its PT from $77 to $78. In a note to clients, Jefferies writes, "Our upwardly revised year-end 2011e target price of $78/share is based on an unchanged year-end 2011e target P/E of 14.0x our revised 2012e estimate. Our target P/E reflects 2% multiple expansion from current valuations and is in-line with the stock's historical norm." Jefferies maintains Buy on NSC. At the time of posting, shares of NSC were trading at $72.12, up 5.42% from Wednesday's close.