Palm Cut To Zero At Canaccord Adams

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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.”

Related: Palm’s Huge Inventory Problem: More Than ONE MILLION Handsets Sitting Around Waiting For Buyers

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