UTIW F4Q11 EPS Keeps Jefferies On The Sidelines

UTi Worldwide Inc. UTIW reported F4Q11 EPS “$0.02 below consensus,” Jefferies reports. “The minor magnitude and cause of the miss was a general relief for the market,” Jefferies writes. “The timing of the freight cycle makes us more interested in asset-light names, and UTIW is also in the midst of implementing multiple turnaround initiatives. Uncertainty as to timing and outcome of these initiatives, as well as valuation, keep us on the sidelines.” UTi Worldwide currently trades at $18.90.