Canaccord Adams Initiates Coverage on Palm Inc (PALM) with a SELL

December 18, 2008 7:28 AM EST
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Canaccord Adams initiates coverage on Palm Inc (Nasdaq: PALM) with a SELL rating. Price target $0.

Canaccord analyst says, "We believe that Palm has become largely irrelevant in the smartphone space due to a series of strategic errors and poor execution. With very little balance sheet flexibility to mount a comeback, we believe that Palm shares remain a very risky bet, even at current valuation levels."

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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