Palm: Canaccord Sets $0 Price Target; Also Advises Selling NOK; Sees More Downside Ahead For Apple

When it comes to the outlook for 2009 PC and handset sales, you won’t find many analysts with a gloomier view than Canaccord Adams analyst Peter Misek . In a research note late Wednesday, Misek asserted that ‘09 PC sales are likely to be down 10%-15%, much worse than the consensus view of 5%-6% lower, with handset sales down as much as 20%, again a far grimmer view that the Street consensus of down 4%-6%. “The over-levered global consumer has been decimated by rising unemployment, housing declines and a major drop in investment portfolios,” he writes. “And so begins a multi-quarter, if not multi-year, retrenchment as consumers look to salvage their balance sheets. This theme sets the stage for a very difficult 2009 for consumer electronics companies given the close ties to discretionary spending. We have observed industry analysts slash PC and handset targets recently; however, we believe even these are overly optimistic.” Misek laid out his gloomy scenario ... (link)