UPDATE: Morgan Keegan Lowers PT on UTI Worldwide to $18

Morgan Keegan is out with its report today on UTI Worldwide (NASDAQ: UTIW), lowering its PT to $18 from $22.

In its report, Morgan Keegan writes, "We prefer to remain on the sidelines of shares of UTIW until we see sustained net revenue growth out-performance relative to growth in operating expenses. With our lower 2013 assumptions, we are taking our price target down to $18 from $22 per share and maintain our Market Perform rating."

Shares of UTIW closed Tuesday at $13.43, down 1.18% from Monday's close.