Palm Stock Upgraded by RBC

Posted By: Ryan Kairer Friday, March 13, 2009 11:16:40 AM

Palm Stock ChartLongtime 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.

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