Brightpoint Delivers Strong September Quarter

Oppenheimer has published a research report on Brightpoint, Inc. CELL after the company reported a strong September quarter that topped Street expectations with ease. In the report, Oppenheimer writes "Brightpoint delivered a strong Sept. qtr., easily topping Street expectations. 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. Compounding mgmt's good execution are good overall industry trends with seasonally normal channel inventories and a shift toward smartphones. 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 maintains its Outperform rating and $10 price target. Brightpoint, Inc. closed yesterday at $7.80.