Shares of Palm (PALM) Up 3% Despite Q3 Warning

Despite a Q3 warning last night, and a stock price which fell as much as 15% in after-hours trading on the news, shares of Palm (Nasdaq: PALM) have rallied into positive territory intraday. The stock is currently up about 3% to $7.62.

Several analysts are out with research notes this morning, reminding investors that while the warning was a negative, the prospect of Palm's new Pre is the predominant factor affecting the stock.

• Citi is out maintaining its Hold rating on Palm, as well as its $6.50 price target. The firm believes that the negative preannouncement underscores the need for the new Pre.
  
• Piper Jaffray upgraded Palm to Buy, boosting its price target from $4 to $10.

Analysts move stocks. To see all the analyst comments on Palm as they are released, visit StreetInsider.com's Analyst Rating page on the stock.

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