Citi Reiterates 'Sell' Rating on Palm (PALM)
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Citi reiterates 'Sell' rating on Palm Inc (Nasdaq: PALM) and lowers price target from $4.00 to $3.75.
Citi analyst says, "We think Palm shares will continue to come under pressure with continued downward revisions to estimates. Furthermore, we don't think investors take any comfort in management's decision to no longer provide financial guidance. Although Centro is seeing a successful ramp, which is a long-term fundamental positive, we think there are other factors that will keep investors from aggressively buying Palm shares: increasing competitive pressures from RIM and Apple, uncertainty over the timing of the refresh of the Windows Mobile Treo products, and the risks of developing a new operating system...We would use any short-term strength to sell."
Palm, Inc. (Palm) develops, markets and sells a family of mobile computing solutions. [SM]
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