Piper Jaffray Upgrades Palm (PALM) To Buy Despite Warning
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Depsite last night's third quarter warning, Piper Jaffray is upgrading shares of Palm (Nasdaq: PALM) today from Neutral to Buy and lifting its price target from $4 to $10. Piper is citing one thing - "the Pre".
The firm said that while the results and cash burn were below expectations, their checks indicate growing carrier interest for the Palm Pre. They commented, "We believe several carriers plan to launch the Palm Pre, and despite the challenging macro environment we anticipate this unique product will resonate with consumers. We believe the ramp of Pre smartphones will result in a significant earnings recovery. As such, we upgrade Palm to Buy with a $10 price target."
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