UPDATE: Wall Street Strategies Color on UTi Worldwide PT Decrease

Wall Street Strategies, which lowered its PT on shares of UTi Worldwide Inc. (NASDAQ: UTIW), is providing some color on the stock.

“On June 2, UTi Worldwide reported its fiscal first quarter 2010 earnings results,” Wall Street Strategies writes. “The Company recorded revenue of $1.20 billion, representing an increase of 13.6% year over year and an increase of 4.7% sequentially.

“The result exceeded the $1.14 billion consensus estimate and fell in line with our $1.20 billion forecast. On a year over year basis, Airfreight revenue was up 19.4%, Ocean up 3.6%, Customs up 18.9%, Logistics up 12.4%, and Distribution up 10.2%.”

UTi Worldwide closed Wednesday at $19.37.