From Standard & Poor's Equity ResearchDeutsche Bank upgraded Brightpoint (CELL
) to buy from hold, explaining that the company's stock price has fallen by 43% since early June.
Analyst Ted Tabasso continues to be cautious on the company's second quarter results, but he believes that overall handset volumes remain positive. He thinks the worst is over for Brightpoint's stock price, and that current levels offer a good entry point. He cuts his $20 stock price target to $17.50.