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Deutsche Bank Upgrades PALM Stock to Buy with $10 Target Price

Tue Feb 24, 2009 - 11:26 AM EST - By Annie Latham

Note: Click on pic for larger view.

For the second time in 2009, Deutsche Bank analyst Jonathan Goldberg, raised his rating on PALM. Just after CES in early January, he upgraded PALM to Hold from Sell. Today, he bumped it up to a Buy and also increased his target on the stock to $10, from $6.

A story by Eric Savitz at quoted Goldberg comments from his research note:

"We see clear signs that [Palm is] capable of executing to plan and shipping the Pre at least on time..."
At the recent Mobile World Congress in Barcelona, "we found a lot of carrier interest in the device as well."
"Palm has been beaten down for so long that even a modest success could generate significant earnings leverage."

Scott Moritz of noted in his story that "earlier this month, Credit Suisse put an $11 price target on the stock, predicting the phone will further juice the stock price.

PALM closed at $7.55 on Monday with a flurry of activity at the end of the trading day. It is up in after hours trading.

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