Palm Stock Upgraded by RBC
Longtime Palm analyst Mike Abramsky from RBC Capital Markets has raised his rating on Palm stock to Outperform from Sector Perform and has increased his target price from $5 to $12. PALM is up today on the news and closed at $8.39 a share, up ~7%.
Abramsky is positive on the webOS platform and its future product potential. He remarked in his note to clients: "We believe [the Palm Pre] can offer a compelling alternative to iPhone, Rather than a one product Hail Mary, we see WebOS as a platform, spawning a family of devices addressing a broader market opportunity."
Mr. Abramsky also expects Palm to sell 2.6 million Web OS-based handsets in the May 2010 fiscal year, up from his earlier prediction of 2.2 million; he sees the total units shipped jumping to 4.1 million in FY 2011.
Via Tech Trader Daily.