Piper Jaffray Raises Price Target on Palm (PALM) to $24, Maintains Overweight

October 8, 2009 7:15 AM EDT
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Price: $5.69 --0%

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    Up: 10 | Down: 13 | New: 20
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Piper Jaffray & Co. maintains an 'Overweight' rating on Palm, Inc. (Nasdaq: PALM), price target increased from $18 to $24.

Piper analyst says, "We believe webOS provides Palm the ability to incorporate a high level of integration between hardware and software elements in its handsets, thus providing a very compelling user experience. Further, with the convergence of the Web and mobile phones, we believe webOS is gaining developer interest and Palm has a unique strategy to attract developers to the platform through enabling developers to market their applications. We anticipate strong growth in the developer ecosystem as Palm ships a family of webOS products longer-term...Updating Estimates: We have updated our Palm estimates to reflect the updated share count post its share offering, resulting in our FY11 EPS declining from $0.88 to $0.81."

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Palm, Inc. provides mobile products for individual users and business customers worldwide.

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