Deutsche Bank Says Palm (PALM) Will Hit $12

Deutsche Bank raised its price target on Palm (Nasdaq: PALM) from $10 to $12 yesterday and also maintained its Buy rating. Deutsche remains confident about the Palm Pre and said it believes teh new Pre smartphone will turnaround the company's results.

Also, Deutsche said the Palm Pre timetable seems on track, and both carrier and developer interest remains high. In fact, Deutsche thinks Palm and Sprint (NYSE: S) could potentially ship the Pre earlier than the June 30th target date.

Lastly, Deutsche confirmed vague hints on Palm's recent call that the company is working on other form factors which could be in the market sooner than expected.

StreetInsider has been behind Palm for awhile, in fact, we told our premium subscribers to buy Palm stock ahead of the Pre announcement, while the stock was trading in the low $3 range.

We will just have to wait and see if the product lives up to the hype it has attracted.

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