UPDATE: Stifel Nicolaus Cuts PT to $16 on UTi Worldwide on Macro Headwinds
Stifel Nicolaus reiterated its Buy rating on UTi Worldwide (NASDAQ: UTIW) but reduced its price target from $18 to $16.
Stifel Nicolaus noted, "UTi Worldwide reported a poor F3Q13, as the airfreight slump continues, Europe's weakness weighs on its Contract Logistics business, and the company suffered from a transportation worker strike in South Africa. The transformation continues to make progress, though, and is on schedule for full deployment in FY15 (basically CY14), which is encouraging. The company is just getting no help from the economy at the moment. As we've been in a declining airfreight market (especially trans-Pacific) for roughly 18 months now, we view today as much closer to the bottom than the top, and we believe 2013 is more likely to have an upside airfreight surprise than a downside surprise."
UTi Worldwide closed at $12.88 on Thursday.
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