Cowen & Co. Starts Palm (PALM) at Outperform
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Cowen & Co. initiates coverage on Palm (Nasdaq: PALM) with an Outperform rating, saying they see shares appreciating >30% versus the market over the next 12 months.
In its Buy rating on Palm, the firm said, "The recent sale of smartphone comps Danger and E-Ten provide the foundation of our valuation framework. Two catalysts lay ahead: 1) the once-aging Treo smartphone line-up is in the middle of a refresh based on the Windows Mobile 6.1 OS and 2) a new Palm OS should provide increased product differentiation by the end of FY09 (May)."
Palm, Inc. provides mobile products for individual users and business customers worldwide.
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