Wall Street Still Positive on Pre Prospects
Despite being down a bit today, shares of Palm stock have been mostly on the rise this week. That is particularly encouraging given the companies dismal earnings report last week. RBC Capital Markets analyst Mike Abramsky sums up the market reaction in a recent note stating "Difficult quarter. So what? It's all about Pre, [...] Palm's management appears laser focused on positioning the company for a leadership position in the smart-phone market."
Deutsche Bank has also put out a post earnings bullish research note covered by the AP. DB's analyst Jonathan Goldberg kept his "Buy" rating and increased his price target by $2 to $12. He reports that "checks" still indicate the Pre will be released on time, and said the Pre might ship earlier than June 30.
Goldberg further comments: "We also confirmed earlier checks and vague hints on their recent call that the company is working on other form factors which we could see in the market sooner than expected."
At the time of publicationPALM is currently trading around 8.19.