Deutsche Bank Upgrades PALM Stock to Buy with $10 Target Price 1
Originally posted at TreoCentral
For the second time this calendar year, Deutsche Bank analyst Jonathan Goldberg, raised his rating on PALM. Just after CES and the Palm Pre announcement in early January, he upgraded PALM to Hold from Sell. Today, he bumped it up to a Buy and also increased his target on the stock to $10, from $6.
A story by Eric Savitz at Barrons.com included quotes from Goldberg's research note:
“We see clear signs that [Palm is] capable of executing to plan and shipping the Pre at least on time…”
At the recent Mobile World Congress in Barcelona, “we found a lot of carrier interest in the device as well.”
“Palm has been beaten down for so long that even a modest success could generate significant earnings leverage.”
Scott Moritz of TheStreet.com noted in his story that "earlier this month, Credit Suisse put an $11 price target on the stock, predicting the [PRE] phone will further juice the stock price."
PALM closed at $7.55 today with a flurry of activity at the end of the trading day. It is up in after hours trading.
1 Comment
This is a clear sign that Palm is moving in the right direction. Now, as the article has stated, Palm needs to bring it out in time and the Pre and webOS needs to work they way they said it's going to work with little to or no bugs. If Palm pulls this off, Apple, RIM, Samsung, LG, Nokia, and the rest of the mobile manufacturers will be going back to the drawing board to come out with something new. Maybe they will, but for now Palm will have the spotlight. In the end, the consumers are benefitting from Palm coming out with something that's intuitive and consumer oriented (as did Apple, when they brought out the iPhone).