UPDATE: Citi Downgrades Brightpoint to Hold (CELL)

Citi is out with its report on Brightpoint CELL, downgrading shares of CELL from Buy to Hold. In a note to clients, Citi writes, "We are downgrading Brightpoint shares from Buy to Hold & reducing our target from to $11 from $17.50 both on lower estimates & lower valuation multiple (now at 10x)." Shares of CELL closed Tuesday at $10.38.