Palm Shares Rise on Analyst Upgrade

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Noting that shipments of Treo 650 smartphones from Palm, Inc. are exceeding expectations, a Needham & Co. analyst has upgraded this company’s stock from “Hold” to “Buy.”

According to MarketWatch, Charles Wolf credits the upswing in shipments to people migrating to more feature-rich phones, like the Treo.

During the second quarter of this year alone, about 430,000 units were shipped, which is an increase of 218 percent when compared to the same period of last year.

Since this rating upgrade, the price of Palm shares have risen about $2.20, to roughly $34.50.

Palm

Looking to the Future

In his research note, Wolf also expressed some opinions on possible future smartphones from Palm.

He believes that releasing a Treo running Windows Mobile would “materially” increase the company’s sales.

He also thinks it’s likely that Palm is working on a less-expensive smartphone, which he is sure would sell in great numbers.

Thanks to treocentral.com for the tip.

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