Palm: S&P Raises Target Following CES Announcements

Standard & Poor’s analyst Todd Rosenbluth this afternoon repeated his Hold rating on Palm (PALM), but upped his price target on the stock to $4.50 from $2.50 to reflect “renewed confidence in Palm’s prospects.” The move follows the company’s unveiling today of the new Palm Web OS and the Palm Pre smartphone, which is due to ship sometime later in the first half of the year, with Sprint initially the exclusive seller of the phone. “Pre uses a new operating system that allows for the merging of multiple data sources,” Rosenbluth writes. “While the new system has been in long-term development, we believe it could help to bring consumer and carrier interest back to PALM’s devices, which have been losing market share.” Earlier : CES: Live Blogging The Palm Press Conference; Launches Palm Web OS, Palm Pre Phone; Sprint To Be Carrier CES: Is Palm Saved? (link)