What happened Shares of ATI Physical Therapy (NYSE: ATIP) stock (I'll give you three guesses what they do for a living) roared ahead 23% as of 1:20 p.m. ET Friday. You can thank investment bank Jefferies for that. Image source: Getty Images. So what In a note out this morning, Jefferies announced that it is upgrading shares of ATI Physical Therapy to buy, and assigning a $5 price target to the shares, implying ATI could go up another 35% before this year is done. According to a write-up on TheFly.com, Jefferies relies on proprietary data it has collected which show that foot traffic is improving month by month in ATI clinics, with both visits and volumes up, indicating that at this stage in the pandemic, "the worst is past" for ATI. Now what According to data from S&P Global Market Intelligence, 2019 revenue at the company was $763 million, and growing in the high-single digits before 2020's pandemic brought it crashing down 25%. It remains to be seen precisely how long it will take for ATI's business to return to pre-pandemic levels. Most analysts on Wall Street, though, don't anticipate a return to pre-pandemic revenue before 2023. That being said, at current valuations, ATI stock sells for only about one times trailing forecast revenue. When compared to similar businesses such as The Joint Corp. chiropractic, for example, the stock of which costs more than 10 times trailing revenue, ATI stock sure looks cheap -- and that's why Jefferies is upgrading ATI stock today. 10 stocks we like better than ATI Physical Therapy, Inc.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and ATI Physical Therapy, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of January 10, 2022 Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source