How bad was Palm’s quarter?
Bad enough that Peter Misek at Canaccord Adams is cutting the company’s price target from $4 to $0. That’s right, ZERO.
In a note for clients, written up at MarketWatch, Peter says:
“We believe Palm’s troubles will only accelerate as carriers and suppliers increasingly question the company’s solvency and withdraw their support,” Misek said in a note to clients. “With what appears to be roughly 12 months of cash on hand, an accelerating burn rate, a complete lack of earnings visibility, and substantial debt and preferred equity, we no longer see any value in the company’s common equity.”