Palm Inc. (PALM)

Palm Inc. (<a href=http://www.zacks.com/stock/quote/palm>PALM</a>) 3Q09 revenue declined by 71.0% y-o-y due to pricing concessions and lower volume for its maturing legacy smartphone, weak consumer spending, and delay in shipments of the Treo Pro in the U.S. <p> Though Palm expects to launch its Palm Pre next gen phone in the first half of calendar year 2009, we doubt the success of it given the current economic uncertainty that has dampened demand for consumer products. We are again lowering our estimates for 2009 and 2010. We continue to believe that Palm badly trails RIM in the smartphone market and will not be able to effectively compete as an independent company. <p> We have a low confidence in its ability to survive with a weak market share, so we reiterate our Sell rating on Palm shares with our six-month price target of $5.00.

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