UPDATE: Piper Jaffray Raises PT on UTI Worldwide to Neutral (UTIW)

Piper Jaffray is out with its report today on UTI Worldwide UTIW, raising its PT from $20 to $21. In a note to clients, Piper Jaffray writes, "We've raised our price target modestly from $20 to $21 which reflects a target P/E multiple of 19x (up from 18x as we believe that longer term management is on a path of sustained profitability improvement from internal company changes) applied to our F2013 (or C2012) EPS estimate of $1.12 (down from $1.16). UTIW continues to grow both its core Freight Forwarding and Contract Logistics offerings; however, our hesitancy to get more constructive on the stock lies in what remains a long road ahead for the company to introduce new Financial and FF operating systems consolidating prior acquisition technology." Piper Jaffray maintains Neutral on UTIW. Shares of UTIW closed Thursday at $18.90.