UPDATE: Jefferies Upgrades UTi Worldwide to Buy on Restocking and Restructuring Leverage

Jefferies upgraded UTi Worldwide

from Hold to Buy and raised the price target from $14.00 to $18.00. Jefferies said, "We're upgrading UTIW to Buy, a deeply out of favor name with restructuring benefits that should start to materialize by early calendar 2014. While visibility is likely to remain low for several more quarters, a potential double over two years is compelling enough to initiate starter positions. We'd add capital as visibility gradually improves, whether from restructuring or restocking." UTi Worldwide closed at $14.93 on Tuesday.