Palm "buy," target price reduced
09/08/06 - Nollenberger Capital
NEW YORK, September 8 (newratings.com) - Analyst Casey Ryan of Nollenberger Capital Partners maintains her "buy" rating on Palm Inc (PALM), while reducing her estimates for the company. The target price has been reduced from $20 to $17.
In a research note published yesterday, the analyst mentions that the company has reduced its revenue guidance for 1Q07 from $380-$385 million to $354-$356 million. The analyst says that the demand for Treo devices in the Q4 holiday season has been lower than expected. The EPS estimates for FY07 and FY08 have been reduced from $1.01 to $0.96 and from $1.26 to $1.07, respectively, to reflect tougher competition in the market for smartphones.
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