Canaccord Genuity Maintains a 'Buy' on Brightpoint (CELL); Cutting Estimates on Loss of Logistics Customer
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Price: $1.00 --0%
Rating Summary:
0 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
0 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Canaccord Genuity maintains a 'Buy' on Brightpoint (NASDAQ: CELL) price target of $14.00.
Analyst, T. Michael Walkley, said, "We believe Brightpoint has several long-term growth drivers, including an increasing global smartphone mix, improving opportunities for logistics services from its European Centers-of-Excellence, and the growing market for reverse logistics and handset recycling services. While we are slightly lowering our estimates due to Brightpoint’s loss of a logistics customer in its U.S. market, we maintain our rating and price target."
"While we estimate this customer represented roughly 9% of 2011 U.S. logistics handled and 7% of global logistic units, we believe management can offset part of this loss through lowering costs. However, we are lowering our 2012 pro forma EPS estimate from $1.13 to $1.09 and our 2013 estimate from $1.20 to $1.15."
For an analyst ratings summary and ratings history on Brightpoint click here. For more ratings news on Brightpoint click here.
Shares of Brightpoint closed at $10.00 yesterday.
Analyst, T. Michael Walkley, said, "We believe Brightpoint has several long-term growth drivers, including an increasing global smartphone mix, improving opportunities for logistics services from its European Centers-of-Excellence, and the growing market for reverse logistics and handset recycling services. While we are slightly lowering our estimates due to Brightpoint’s loss of a logistics customer in its U.S. market, we maintain our rating and price target."
"While we estimate this customer represented roughly 9% of 2011 U.S. logistics handled and 7% of global logistic units, we believe management can offset part of this loss through lowering costs. However, we are lowering our 2012 pro forma EPS estimate from $1.13 to $1.09 and our 2013 estimate from $1.20 to $1.15."
For an analyst ratings summary and ratings history on Brightpoint click here. For more ratings news on Brightpoint click here.
Shares of Brightpoint closed at $10.00 yesterday.
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