Piper Jaffray Raising PT on UTI Worldwide

According to a recent report, Piper Jaffrays is raising the price target on UTi Worldwide UTIW from $21.00 to $24.00 and decreasing the FY12/FY13 EPS estimates from $0.87/$1.12 to $0.78/$1.05. Despite changes in the price target and EPS estimates, Piper Jaffray maintains a Neutral rating on UTIW. In the report, Piper Jaffray said, "We've lowered our EPS estimates on lesser CL net operating margin (some incremental earnings risk with newly surfaced facility exit / consolidation) assumptions and started to factor in F2013 FF operating system base implementation costs." UTIW closed yesterday at $21.36.