Morgan Joseph Transitions Coverage on Palm (PALM) to Hold
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Morgan Joseph transitions coverage on Palm, Inc. (Nasdaq: PALM) to Hold.
Morgan analyst says, "We believe Palm is one of the few smart phone makers that has a major carrier distribution channel, the internal ability to scale, and has added key personnel with a proven track record of consumer device successes. But, with that said, we believe the company's future depends solely on the success of its new smart phone (due C2Q09); if it gains wide spread consumer acceptance and can generate sales of several million units per quarter, then Palm may be back on its feet. If it is a dud (selling approx. 1mm units per quarter, similar to the company's recent unit volumes), then we believe the company will not recover and will accelerate its downward spiral...For investors willing to enter a binary outcome, the risk-reward ratio on the shares could be attractive."
Palm, Inc. (Palm) is a provider of mobile products. It offers Treo and Centro smartphones, handheld computers and accessories through a network of wireless carriers, as well as retail and business outlets worldwide.
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