Morgan Keegan Lowers UTIW PT To $22

Morgan Keegan has lowered UTi Worldwide's UTIW Price Target from $24.00 to $22.00. According to the report, "We lowered our quarterly estimates for fiscal 2012 given headwinds which will likely hamper margin expansion, bringing our FY12 to $0.88 from $0.99. We also lowered our FY13 to $1.15 from $1.19. We do not see significant catalysts to drive earnings upside or multiple expansion over the near term and maintain our Market Perform rating. Moreover, we are lowering our PT to $22 from $24." UTIW has a Market Perform Rating and closed at $18.87 yesterday.