Wall Street Cheers Palm's (PALM) New CEO

Shares of Palm, Inc. (Nasdaq: PALM) are reacting positively to news after the close that Jon Rubinstein would takeover as Chairman and CEO upon the departure of Ed Colligan, who is stepping down after sixteen years. The stock is up 8% to $13 per share today.

Jon Rubinstein joined Palm as Executive Chairman in October 2007, and is largely responsible for the just-launched Palm Pre. Before joining Palm, Rubinstein was a member of Apple Inc.'s (Nasdaq: AAPL) executive staff and head of hardware engineering. He was instrumental in conceiving the popular iPod.

A number of analysts weighed in on the news and were mostly positive on the move. Deutsche Bank said investors have been expecting this transition and view the move "as a modest positive as it streamlines senior management roles." Piper Jaffray said, "we believe this move is positive for our Palm investment thesis, as we believe it helps ensure Jon and his talented development team remain committed to Palm long-term and helps ensure a successful launch of multiple carriers for webOS smartphones." Deutsche Bank maintained its Buy rating and $12 price target, while Piper Jaffray maintained its Buy rating and $14 price target on Palm.

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