Oppenheimer Maintains Brightpoint Rating; Raises PT to $10

Brightpoint, Inc. CELL delivered a strong September quarter, easily topping Street expectations, Oppenheimer reports. “We believe building momentum in Europe post restructuring, a recovery in the pre-paid market in the US, and mgmt's ability to add new business in Singapore all helped deliver the strong results,” Oppenheimer writes. “We're raising our estimates to reflect the strong dynamics, and we see room for 2011 earnings upside if mgmt. continues to deliver the strong cost management and segment margins seen over the last year (logistics' margin in particular has been stellar).” Oppenheimer reiterates its Outperform and raises its PT to $10. Brightpoint currently trades at $8.08.