UPDATE: Canaccord Genuity Downgrades Brightpoint to Hold Following Acquisition

Canaccord Genuity reduces its rating on Brightpoint

from Buy to Hold and reduces its price target from $10 to $9. Canaccord Genuity comments, "Ingram Micro, the world's largest technology distributor and provider of supply-chain services, announced a definitive agreement to purchase all outstanding shares of Brightpoint for $9/share in cash. Pending approval of a majority of Brightpoint's shareholders at an upcoming special shareholder meeting in Q3/12, the deal is expected to close before the end of 2012. As we see no significant regulatory obstacles and expect shareholder approval, we are downgrading Brightpoint to HOLD from Buy and lowering our price target from $10 to $9, or the deal price." CELL closed at $5.41 on Friday.