Should be:
las2las64 -i {in_las_file} -o {out_las_file} -target_epsg 26911
Note that the flag "-epsg" is a declaration of the input files SRS. It is not a declaration of the target SRS which is what you need to tell las2las if you want your file reprojected. If the SRS contained in the source file is missing or incorrect, you will need to also tell las2las what the input SRS is. For example, If your data is NAD83 original in latlong you would tell las2las something like.
las2las64 -i {in_las_file} -nad83 -latlong -o {out_las_file} -target_epsg 26911
And to be a little nit-picky on the details, it should be noted that EPSG:26911 is specifically a "NAD83 original" coordinate system. So based on what you have written, it suggests that you wish to reproject your points to UTM 11 AND perform a datum transformation from NAD83(NSRS2007) to NAD83original. las2las will not do the datum transformation and my suspicion is that you are looking for EPSG:3718.
So, your command should probably be something like:
las2las64 -i {in_las_file} -latlong -o {out_las_file} -target_epsg 3718
clear as mud?
Mike