Citigroup Reiterates Buy Rating on Brightpoint Inc. (CELL)

Citigroup is out with a research report this morning, where it reiterates its Buy/Speculative rating on Brightpoint Inc. CELL; it has a $10.00 price target on the stock. The Citi analysts cited the company's recently announced quarterly earnings report, which was ahead of estimates due to a lower than expected tax rate and strong unit volumes. CELL looks to be on track to reach the analyst's estimates. As for valuation, the analysts remarked, “Our $10.00 target price is based on an approximate 13.3x multiple applied to our forward year estimates in a year EPS estimate of $0.72 (i.e., our forward twelve month EPS estimate one year from now including approximately $0.20 of stock comp which consensus does not account for so we adjust our First Call EPS accordingly).”