UPDATE: Jefferies Raises PT on Smithfield Foods to $25

Jefferies is out with its report today on Smithfield Foods

, raising its PT from $24 to $25. In a note to clients, Jefferies writes, "Raising PT to $25 from $24. Our $25 PT equates to a 7x EV/EBITDA. We believe the multiple, which is below the 5-year mean of 8.4X, is appropriate given the recent decline in pork processing margins and elevated feed costs." Jefferies maintains Buy on SFD. Shares of SFD closed Thursday at $21.70, up 6.42% from Wednesday's close.