Jefferies Upgrades Rating On CELL

Jefferies is upgrading its rating on Brightpoint Inc. (NASDAQ: CELL) from Hold to Buy in light of the company's current valuation.

According to Jefferies, “Our upgrade from Hold to Buy is due to valuation (trading at 7x our 2011 EPS estimate) and our checks that indicate handset demand has recently stabilized after a slowing that began in April. We see risk/reward as compelling. We maintain our estimates and target.”

Jefferies maintains a price target of $12.50 on the stock.

CELL closed at $7.49 yesterday.