UPDATE: Evercore Raises PT on Copa Holdings to $74

Evercore is out with its report today on Copa Holdings CPA, raising its PT from $72 to $74. In a note to clients, Evercore writes, "CPA shares currently trade at 11x and 9x P/E on our 2011 and 2012 estimates, respectively, vs. a historical forward multiple of ~10x. We are raising our price target to $74 from $72, which is based on a 10x multiple applied to our 2012 EPS estimate." Evercore maintains Overweight on CPA. Shares of CPA closed Thursday at $68.47.